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CCC Intelligent Solutions and Dragoneer Growth Opportunities Corp. announced that the SEC has approved Dragoneer's registration statement. A Special Meeting for stockholders to vote on the business combination is set for July 29, 2021, with the transaction expected to close the next day, pending customary conditions. After the deal, CCC's stock and warrants will be listed on the NYSE under the symbols 'CCCS' and 'CCCH'. CCC aims to leverage improved capital for innovations in the digitizing P&C insurance market.
CCC Information Services reported Q1 2021 revenue of $157.8 million, down from $159.2 million in Q1 2020. Adjusted for divestitures, revenue grew 7%. GAAP operating income decreased to $7.2 million from $14.1 million year-over-year. Adjusted net income rose to $25 million, up from $15.7 million. The company anticipates Q2 revenue between $162 million and $164 million, with adjusted EBITDA of $56 million to $58 million. CCC plans to launch new digital solutions in 2021, enhancing efficiency in the auto insurance sector, while the return to public markets via DGNR aims to drive innovation and shareholder value.
CCC Information Services Inc. will release its first quarter 2021 financial results on May 20, 2021, after U.S. markets close. A conference call to discuss these results will be held the same day at 5:00 p.m. ET. Interested parties can access the call at 855-940-5321 domestically or 929-517-0421 internationally, using conference ID 1711638. CCC is known for its SaaS platform serving the P&C insurance economy, connecting over 30,000 businesses. The company urges stakeholders to review relevant SEC filings regarding its proposed business combination with Dragoneer Growth Opportunities Corp. (NYSE: DGNR).
Dragoneer Growth Opportunities Corp. (NYSE: DGNR) has entered into a merger agreement with CCC Information Services Inc., aiming to create CCC Intelligent Solutions Holdings Inc. Upon completion, expected in Q2 2021, the new entity will focus on the P&C insurance sector, leveraging CCC's SaaS platform which processes over $100 billion in transactions annually. CCC anticipates around $600 million in revenue for 2020, backed by a 20-year profitable growth history. The merger includes approximately $968 million in net proceeds, positioning CCC for enhanced innovation and market expansion.
