CCC Merges, Expects IPO
CCC Information Services is merging with a blank check company in a step that will pump nearly $1 billion into the company.
CCC, based in Chicago, said it is joining Dragoneer Growth Opportunities Corp., a special purpose acquisition company affiliated with Dragoneer Investment Group in San Francisco. As explained by the Wall Street Journal, SPACs turn the normal initial public offering process on its head by going public to raise funds from investors before finding an existing business to merge with.
CCC said in a press release that its investors are exchanging their shares for equity in Dragoneer that values the startup at $7 billion, “reflecting a deep alignment of interests.” CCC said it expects net proceeds of approximately $968 million.
CCC Chief Executive Officer Githesh Ramamurthy, who will continue to lead the company, said he expects to report approximately $600 million in revenue for 2020. The company has consistently enjoyed profitable revenue growth for the past 20 years, he said.
The combined company will be called CCC Intelligent Solutions Holdings Inc. and is expected to be listed on the New York Stock Exchange after the transaction closes during the second quarter.
AF Group Acquires DecisionUR
AF Group, parent to the Accident Fund insurance carriers, has acquired DecisionUR, which offers software that uses state-mandated evidence-based medical treatment guidelines to review third-party workers’ compensation claims.
“The platform accelerates the claim review process while providing more informed and accurate decisions by our team,” Keri Kittman, vice president for AF Group’s Assigned Risk Solutions, stated in a press release. “The result is highly responsive care planning for those injured on the job, along with better recommendations for the right level of care to ensure workers recover and get back to work as quickly and safely as possible.”
AF Group said it has used DecisionUR software through its CompWest Insurance brand in California. The acquisition brings the company’s technology through AF Group’s portfolio. The holding company, based in Lansing, Mich., operates Accident Fund Insurance Co. of America, Accident Fund National Insurance Co., Accident Fund General Insurance Co., United Wisconsin Insurance Co., Third Coast Insurance Co. and CompWest Insurance Co.
Aclaimant Teams Up With StrongArm
Aclaimant, which offers a workflow process automation platform for safety and risk management, has formed a partnership with StrongArm Technologies to offer a wearable product that improves safety for front-line workers.
Aclaimant, based in Chicago, said StrongArm’s Fuse Risk Management platform was built on 25 million hours of proprietary safety data. The partnership will provide “actionable insights” on workplace safety and and enhanced method of submitting insurance claims, the company said in a press release.
Aclaimant said the technology reduces ergonomic injuries and combats high-risk interactions in workforces.
“By providing employees with wearable technology and a streamlined platform, our clients will be positioned to lead the charge in the next evolution of risk management and employee safety,” stated Chief Executive Officer David Wald.
Stongarm, based in New York City, sells a wearable device that tracks a workers’ motions to improve ergonomics. The device can also be used to protect workers from disease transmission by warning them when they are too close to other workers.
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