CCC Information Services Inc. Acquires DriveFactor Inc.
Acquisition strengthens and extends DriveFactor’s technology to create the first full-service, open telematics platform for auto insurance
Chicago, IL, May 12, 2015 – CCC Information Services Inc. (“CCC”) announced today it has acquired DriveFactor Inc. (“DriveFactor”), provider of a highly robust, flexible technology platform for insurance telematics. CCC, a leading SaaS technology provider to the U.S. auto insurance industry, will strengthen and extend DriveFactor’s technology to create the first full-service, open telematics platform for auto insurance.
“Steve McKay is an insurance veteran and telematics visionary. He, Mac Fraser, and the rest of the DriveFactor team have been pioneers in delivering a proven, device-agnostic platform for insurance telematics,” said Marc Fredman, Senior Vice President of Corporate Strategy & Development, CCC. “DriveFactor’s technology provides superior flexibility and data quality for underwriting and marketing, and by integrating telematics data into existing claims operations carriers will have the first full-service solution to satisfy their policyholders and improve efficiency. We’re excited to welcome the DriveFactor team to the CCC family and look forward to working together to bring sustained innovation to customers.”
McKay said, “Telematics is rapidly evolving and holds enormous potential for carriers to increase consumer engagement, strengthen loss ratios, and improve claims performance. To realize the promise of telematics and stay ahead of the curve, carriers will need to access an array of technologies – from OEM systems to device and service providers. A full-service, open platform delivers choice and scale to carriers as their needs in telematics grow and change. I’m excited by the data, expertise, and network that CCC will bring to our customers.”
Mac Fraser, Chief Information Officer, DriveFactor added, “CCC is a trusted partner to more than 350 insurance companies that rely on CCC to connect with their business partners and execute more than one million claims-related transactions every day. The combination of CCC and DriveFactor creates unmatched insurance, claims, telematics, and technology expertise that will enable us to deliver on near- and long-term opportunities.”
Fairmount Partners advised DriveFactor on the transaction. Sellers included Safeguard Scientifics, Inc. (NYSE:SFE). Terms were not disclosed by CCC.
About CCC Information Services Inc.
CCC brings together what matters most – insight to make the best decisions, connections into the industry’s leading auto claims network, and superior productivity through an innovative single platform. Founded in 1980, CCC is the nation’s leading provider of advanced software, workflow tools, and enabling technologies to automotive collision repairers, parts suppliers, and property/casualty insurance carriers. Its client base includes more than 350 insurance companies and more than 21,000 repair facilities. In addition, the CCC True™ Parts Network connects hundreds of parts suppliers with repairers. CCC also delivers the most comprehensive, best-in-class industry insights by leveraging data captured from the millions of transactions processed through its network, and the forward-looking, trusted advisor perspective of its people. You can find out more about CCC Information Services Inc. by visiting the company’s web site at www.cccis.com.
About DriveFactor Inc.
DriveFactor is a leader in insurance telematics, providing powerful, flexible technology and solutions. The DriveFactor platform is built on a dynamic, scalable architecture, accepting data from any input method and enabling easy sharing with business partners. The team has built its technology and apps from the ground up for insurance and applies its expertise to help clients customize telematics solutions to meet their near- and long-term needs. For more information, please visit www.drivefactor.com.