Form 4: Advent International Sells Shares of CCC Intelligent Solutions Holdings Inc. in Public Offering

Advent International and related entities sold shares of CCC Intelligent Solutions Holdings Inc. in a public offering on May 30, 2024.

Summary

• Advent International, L.P., along with several related entities, filed a Form 4 disclosing changes in beneficial ownership of CCC Intelligent Solutions Holdings Inc. (CCCS).
• The filing reports the sale of common stock on May 30, 2024, at a price of $11.43 per share.
• The sales were conducted in connection with an underwritten public offering of CCCS common stock.
• The shares were sold pursuant to a prospectus supplement filed on May 29, 2024, related to a registration statement on Form S-3.
• After the reported transactions, Advent International and related entities continue to hold a significant number of CCCS shares indirectly.
• Christopher Egan, Eric Wei, and Lauren Young, Managing Directors of Advent, serve on the board of directors of CCCS and may be deemed directors by deputization for Section 16 purposes.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it primarily reports a transaction. The sale itself doesn't necessarily indicate a positive or negative outlook for the company, but rather a strategic move by a major shareholder.

Industry Context

The sale of shares by a major shareholder like Advent International can be seen as a way to realize gains from their investment in CCC Intelligent Solutions Holdings Inc. It could also reflect a shift in their investment strategy or portfolio allocation.

Comparison to Industry Standards

• It is common for private equity firms like Advent International to eventually reduce their stake in portfolio companies after a period of growth and value creation.
• Similar transactions can be observed with other private equity-backed companies in the software and technology sectors, such as Vista Equity Partners reducing its stake in Ping Identity or Thoma Bravo selling shares of Coupa Software after taking them public.
• The size and timing of these sales often depend on market conditions and the company's performance.

Stakeholder Impact

• The share sale could potentially impact the stock price of CCC Intelligent Solutions Holdings Inc.
• The transaction may also influence investor sentiment towards the company.

Key Dates