CCC Begins Next Phase of Innovation with Advent International
Investment enables new levels of customer performance
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.