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Globe and Mail
2 days ago
- Business
- Globe and Mail
CCC Intelligent Solutions Announces Pricing of Secondary Offering of 30 Million Shares of Common Stock
CCC Intelligent Solutions Holdings Inc. (the 'Company') (NASDAQ: CCCS) today announced the pricing of the previously announced secondary offering of the Company's common stock (the 'Offering') by affiliates of Advent International, L.P. (the 'Selling Stockholders') at a price to the public of $9.89 per share. The Offering consists of 30,000,000 shares of the Company's common stock. The Offering is expected to close on or about August 7, 2025, subject to the satisfaction of customary closing conditions. The Offering consists entirely of shares of the Company's common stock to be sold by the Selling Stockholders, and the Company will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders. Goldman Sachs & Co. LLC is acting as book running manager for the Offering. The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-267793), which has been filed with the Securities and Exchange Commission ('SEC') and became effective on October 14, 2022. The Offering is being made only by means of a prospectus supplement and the accompanying base prospectus. You may get these documents for free, including the prospectus supplement, once available, by visiting EDGAR on the SEC website at Alternatively, copies of the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. ABOUT CCC INTELLIGENT SOLUTIONS CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform provider for the multi-trillion-dollar insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud™ platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Offering, including the expected closing of the Offering. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, closing of the Offering on the anticipated terms or at all; market conditions; and the satisfaction of customary closing conditions related to the Offering; and other risks and uncertainties, including those included under the header 'Risk Factors' in our Form 10-K filed with the SEC on February 25, 2025, which can be obtained, without charge, at the SEC's website ( The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Singapore Law Watch
01-08-2025
- Business
- Singapore Law Watch
Competition watchdog fines remittance service providers S$5.4 million for anti-competitive conduct
Competition watchdog fines remittance service providers S$5.4 million for anti-competitive conduct Source: Business Times Article Date: 01 Aug 2025 Author: Therese Soh The Competition and Consumer Commission of Singapore (CCCS) on Thursday (Jul 31) issued fines totalling around S$5.4 million to two remittance service providers for anti-competitive behaviour. The Competition and Consumer Commission of Singapore (CCCS) on Thursday (Jul 31) issued fines totalling around S$5.4 million to two remittance service providers for anti-competitive behaviour. ZGR Global and Hanshan Money Express, which run shops near each other in People's Park Complex in Chinatown, illegally exchanged information about each other's outward remittance rates. These are the amounts of foreign currency remitted overseas for each unit of local currency paid for the remittance service. ZGR Global was fined around S$2.8 million, and Hanshan, around S$2.6 million. CCCS said: 'This information was commercially sensitive, as each party's decisions regarding remittance rates and the timing of (rate) updates were influenced by the other party's rates.' Both parties provide remittance services for Chinese yuan and are therefore direct competitors, it added. As remittance rates offered to customers are a key aspect on which remittance service providers compete, exchanging information about one another's rates undermines competition in the market, the competition watchdog said. 'These regular exchanges enabled the parties to directly receive information from their competitor, which influenced the setting of their CNY remittance rates,' it said. As a result of the information exchange, ZGR Global and Hanshan had similar outward CNY remittance rates, which limited the variety of rates available for customers, it added. Alvin Koh, chief executive of CCCS, noted that competition law requires businesses to act independently when determining their conduct in the market. He added: 'While businesses may observe and adapt to their competitors' behaviour, they must not communicate with competitors to influence their conduct in the market, or share their pricing strategies, for example, information on when they intend to change their quoted rates, and the extent of the changes. 'By colluding together to exchange such information, the parties undermined competition ... which reduced options for customers.' Before the parties began illegally exchanging rate information, they monitored one another's CNY remittance rates and at times had their employees pose as customers. Remittance rates are highly volatile and are updated frequently through the day, the CCCS noted. 'To overcome the uncertainty associated with each other's remittance rates in an unpredictable environment where rates change several times daily, the parties began exchanging information on their prevailing remittance rates, from at least January 2016,' it said. ZGR Global and Hanshan would disclose their opening rates to each other at the start of the day and whenever the rates were updated. These exchanges occurred daily and often several times during a day. Their staff exchanged this rate information over the phone and over the counter, by passing each other slips of paper with the information. While the CCCS formally engaged ZGR Global and Hanshan in July 2021, they stopped exchanging rate information only in February 2022, the competition watchdog said. It issued written notices to the parties in November 2024 and April 2025, and received responses from both, which it considered before deciding to issue the infringement decision. Factors such as each parties' turnover, the seriousness of their infringements as well as aggravating and mitigating factors were considered in deciding the financial penalties for each. Hanshan's S$2.6 million fine was discounted twice, once because it cooperated with the investigation, and a second time because it admitted to the infringement. CCCS warned: 'Businesses asked to participate in anti-competitive information exchanges should immediately decline participation, publicly distance themselves from such discussions, and report the matter to CCCS.' Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
South China Morning Post
31-07-2025
- Business
- South China Morning Post
Singapore fines 2 Chinese yuan remittance firms for sharing information
Two remittance companies in Singapore have been fined S$5.36 million (US$4.14 million) for exchanging information on the Chinese yuan rate to charge customers. Advertisement This went on for six years. In doing so, the companies – ZGR Global and Hanshan Money Express – were less pressured to offer competitive rates to customers, Singapore's competition watchdog said on Thursday. The case was uncovered after a member of the public noticed that the two shops, located beside each other in People's Park Complex, offered very similar rates and submitted a complaint to the Competition and Consumer Commission of Singapore (CCCS). The penalty is the highest that has been meted out for Information Exchange Conduct. Advertisement ZGR Global, previously known as Zhongguo Remittance, was fined S$2.79 million. Hanshan Money Express will have to pay S$2.57 million. It received a 10 per cent discount, amounting to around S$285,000, on its penalty because it accepted liability under CCCS' fast track procedure, a streamlined process to resolve cases more efficiently.
Business Times
31-07-2025
- Business
- Business Times
Competition watchdog fines remittance service providers S$5.4 million for anti-competitive conduct
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) on Thursday (Jul 31) issued fines totalling around S$5.4 million to two remittance service providers for anti-competitive behaviour. ZGR Global and Hanshan Money Express, which run shops near each other in People's Park Complex in Chinatown, illegally exchanged information about each other's outward remittance rates. These are the amounts of foreign currency remitted overseas for each unit of local currency paid for the remittance service. ZGR Global was fined around S$2.8 million, and Hanshan, around S$2.6 million. CCCS said: 'This information was commercially sensitive, as each party's decisions regarding remittance rates and the timing of (rate) updates were influenced by the other party's rates.' Both parties provide remittance services for Chinese yuan and are therefore direct competitors, it added. As remittance rates offered to customers are a key aspect on which remittance service providers compete, exchanging information about one another's rates undermines competition in the market, the competition watchdog said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'These regular exchanges enabled the parties to directly receive information from their competitor, which influenced the setting of their CNY remittance rates,' it said. As a result of the information exchange, ZGR Global and Hanshan had similar outward CNY remittance rates, which limited the variety of rates available for customers, it added. Alvin Koh, chief executive of CCCS, noted that competition law requires businesses to act independently when determining their conduct in the market. He added: 'While businesses may observe and adapt to their competitors' behaviour, they must not communicate with competitors to influence their conduct in the market, or share their pricing strategies, for example, information on when they intend to change their quoted rates, and the extent of the changes. 'By colluding together to exchange such information, the parties undermined competition ... which reduced options for customers.' Before the parties began illegally exchanging rate information, they monitored one another's CNY remittance rates and at times had their employees pose as customers. Remittance rates are highly volatile and are updated frequently through the day, the CCCS noted. 'To overcome the uncertainty associated with each other's remittance rates in an unpredictable environment where rates change several times daily, the parties began exchanging information on their prevailing remittance rates, from at least January 2016,' it said. ZGR Global and Hanshan would disclose their opening rates to each other at the start of the day and whenever the rates were updated. These exchanges occurred daily and often several times during a day. Their staff exchanged this rate information over the phone and over the counter, by passing each other slips of paper with the information. While the CCCS formally engaged ZGR Global and Hanshan in July 2021, they stopped exchanging rate information only in February 2022, the competition watchdog said. It issued written notices to the parties in November 2024 and April 2025, and received responses from both, which it considered before deciding to issue the infringement decision. Factors such as each parties' turnover, the seriousness of their infringements as well as aggravating and mitigating factors were considered in deciding the financial penalties for each. Hanshan's S$2.6 million fine was discounted twice, once because it cooperated with the investigation, and a second time because it admitted to the infringement. CCCS warned: 'Businesses asked to participate in anti-competitive information exchanges should immediately decline participation, publicly distance themselves from such discussions, and report the matter to CCCS.'
CNA
31-07-2025
- Business
- CNA
Two Chinese yuan remittance firms fined S$5.36 million for sharing information on rates for 6 years
SINGAPORE: Two remittance companies have been fined S$5.36 million (US$4.14 million) for exchanging information on the Chinese yuan rate to charge customers. This went on for six years. In doing so, the companies - ZGR Global and Hanshan Money Express - were less pressured to offer competitive rates to customers, Singapore's competition watchdog said on Thursday (Jul 31). The case was uncovered after a member of the public noticed that the two shops in People's Park Complex offered very similar rates and submitted a complaint to the Competition and Consumer Commission of Singapore (CCCS). The investigation initially looked into a range of currencies before being narrowed down to the Chinese yuan. ZGR Global, previously known as Zhongguo Remittance, was fined S$2.79 million. Hanshan Money Express will have to pay S$2.57 million. It received a 10 per cent discount on its penalty because it accepted liability under CCCS' fast track procedure, a streamlined process to resolve cases more efficiently. This was in addition to a discount given to both companies for cooperating with investigations. The two companies can appeal against the decision within two months or pay the fine by Oct 1. CCCS enforces competition and consumer protection laws in Singapore and takes action against unfair trade practices. Businesses can observe and adapt to their competitors' behaviour, but should not share their pricing strategies or communicate with competitors to influence their conduct, said CCCS chief executive Alvin Koh. "By colluding together to exchange such information, the parties undermined competition in the market for CNY remittance services, which reduced options for customers," said Mr Koh. PASSING PAPER SLIPS ZGR Global and Hanshan Money Express are leading providers of Chinese yuan remittance services in People's Park Complex. They are direct competitors, noted CCCS. Before they started sharing information in breach of anti-competition rules, they closely monitored each other's rates, such as by having their staff pose as customers. To overcome this uncertainty, the businesses started informing each other of their respective opening rates at the start of the day, and would update each other whenever they decided to change their rates during the day. This behaviour began in 2016, and generally occurred daily. They would communicate the rates being used either verbally over the counter, over the phone or by passing paper slips containing the respective rates. Messages from ZGR Global's internal WhatsApp group showed photos of paper slips, with captions such as "(These are) Hanshan's rates, (which ZGR Global's) counter has already followed". Another photo came with the caption "Next door requested to add one tier". Remittance companies usually use a different rate depending on the amount being remitted. These rates are not readily available to the public, but the two companies could "instantly access each other's revised rates" by sharing commercially sensitive information, CCCS said. The information then influenced the setting of each of their rates, undermining the process of competition in the market. "From the evidence gathered, CCCS observed that the parties had more similar outward CNY remittance rates when the Information Exchange Conduct took place," the agency said The commission formally engaged the companies in July 2021, but they only stopped sharing information in February 2022. CCCS issued a proposed infringement decision to ZGR Global and Hanshan Money Express in November 2024 and a supplementary infringement decision in April this year to give the parties a chance to respond before a final decision was made. The companies' turnover, the nature and seriousness of the infringement, as well as aggravating or mitigating factors, were considered in deciding on a financial penalty.
