(Reuters) – CCC Information Services Inc. said on Wednesday that it would be announced through a merger with the blank check company Dragoneer Growth Opportunities Corp. in a deal that valued the data and technology provider to car and insurance companies at about $ 7
The deal is expected to raise $ 968 million for CCC Information, including a $ 150 million private investment from Fidelity Investments, T. Rowe Price and others.
Funds associated with the Dragoneer and billionaire Michael Bloomberg's family office have also invested separately. $ 175 million.
The company, which was founded in 1980, allows policyholders to get a repair estimate of damaged vehicles when they upload photos to their app. Nearly 300 US insurance companies use their technology according to the company's website.
Shareholders in CCC Information are expected to own approximately 83.2% of the combined company and the venture capital company Advent International, which acquired the company in 201
A specialty acquisition company, also known as a blank check company, gained popularity as an alternative route to public markets last year for companies that wanted to avoid a traditional IPO.
Dragoneer Growth Corp. was announced in a $ 600 million IPO last year.
The combined company will be renamed CCC Intelligent Solutions Holdings Inc. and listed on the New York Stock Exchange. Evercore Group was the financial advisor to CCC.
Earlier on Wednesday, the Israeli EV startup REE Automotive and the online payment startup Payoneer had also announced mergers with blank check companies. Catalog