Chicago, IL (PRWEB) February 27, 2017
CCC Information Services Inc. (“CCC”), a leading Software as a Service provider to the automotive, insurance, and collision repair industries, announced today that it has selected Advent International (“Advent”), a global investment firm with deep experience in the technology sector, as its next equity partner. Advent will purchase equity assets from CCC’s previous owners Leonard Green & Partners (“LGP”) and TPG Capital (“TPG”).
“We want to thank our partners LGP and TPG for their tremendous support these past five years, and also welcome our new partner Advent as we begin this next phase of innovation,” said Githesh Ramamurthy, Chairman and Chief Executive Officer of CCC. “Throughout our history, whether public or private, we have had one focus – delivering performance for our customers through industry-leading products and technology innovation, backed by the dedication and commitment of CCC’s associates. But the bar is being raised higher. With the pace of technology accelerating, we will see more change in the next five years than we have seen in the last fifteen. We look forward to working with Advent to bring new levels of value to CCC’s customers.”
"We are delighted to have been associated with the CCC team over many years of uninterrupted progress and success and we are tremendously appreciative of CEO Githesh Ramamurthy and the rest of the CCC team for the outstanding job they've done," said John G. Danhakl, Managing Partner of LGP. "We wish for and expect continued success for the entire CCC family supported by Advent, one of the best in our business."
Bryan Taylor, Partner at TPG, added, “During our partnership, we have seen on a daily basis why CCC has earned its reputation as a trusted software provider to its customers. CCC has made substantial investments in its technology platform and its people, and is well-positioned for the years ahead.”
"Advent evaluates hundreds of technology businesses and CCC stands out as having built a truly world-class innovation engine,” said Eric Wei, Managing Director of Advent. “The company has established itself as a leader in hyperscale cloud computing, machine learning, IoT, mobile, and consumer engagement technologies – all areas we see as becoming increasingly important to the industries that CCC serves. We look forward to partnering with Githesh in supporting the development of high performance products that deliver exceptional results for CCC's insurance carrier, repair facility, and automotive customers."
J.P. Morgan served as financial advisor to CCC. Jefferies and Nomura served as financial advisors to Advent. The transaction is expected to close early in the second quarter of 2017.
About CCC Information Services Inc.
CCC brings together what matters most – connections into the industry's leading automotive claims network, superior productivity through innovative cloud, mobile, hyperscale technologies and apps, and insights to make the best decisions. Founded in 1980, CCC is the nation's leading provider of advanced software, workflow tools, and enabling technologies to automotive collision repairers, property/casualty insurance carriers, OE manufacturers, and part suppliers. Its client base includes more than 350 insurance companies and more than 22,000 repair facilities. In addition, the CCC TRUE® Parts Network connects hundreds of parts suppliers with repairers; the CCC DRIVE™ open telematics platform enables insurers and OEs to create and deploy custom telematics solutions; and Auto Injury Solutions, a CCC company, delivers customizable, end-to-end, casualty insurance solutions for the handling of first and third party claims. You can find out more about CCC and Auto Injury Solutions by visiting http://www.cccis.com, and http://www.aisreview.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries. As of September 30, 2016, it had $42 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For further information, visit: http://www.adventinternational.com.
About Leonard Green & Partners
Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989. Based in Los Angeles, the firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 80 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm’s primary sectors of focus are retail/consumer, healthcare/wellness, business/consumer services, and distribution. For more information, please visit http://www.leonardgreen.com.
TPG is a leading global alternative asset firm founded in 1992 with more than $74 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, São Paulo, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to continue to build a dynamic set of investing businesses across its platform while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit http://www.tpg.com.