Private equity firm Advent International is considering selling CCC Intelligent Solutions Holdings Inc, a software provider to the car insurance industry, which has a market value of $7.1 billion. CCC is being advised by Morgan Stanley in its discussions with potential buyers, including other private equity firms. There is no certainty of a deal. Advent, which owns a 56% stake in CCC, declined to comment. CCC shares rose 8.6% to $12.50 in after-hours trading on the news. CCC, founded in 1980, supplies software to automotive claims and collision repair companies.
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Public markets pricking the valuation bubble & other top tech, startup stories of this week
After a slowdown in technology IPOs in 2022, several tech companies including Arm, Instacart, and Klaviyo have returned to raise funds from the public market. However, the valuations of these companies have fallen significantly compared to their peak valuations. Instacart, for example, is aiming for a $10 billion valuation, which is only a quarter of its peak valuation of $39 billion. The sentiment in the market has shifted, and investors are now looking for right-sized offerings rather than inflated valuations.
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Apple moves to defuse French iPhone 12 dispute as EU scrutiny steps up
France this week suspended sales of iPhone 12 handsets after tests which it said found breaches of radiation exposure limits.
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Amazon enhances search features on app to take on Google
Ecommerce giant Amazon has introduced new features on its app for search and discovery of products. Here’s a look at them.
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Blockchain analysts suspect North Korea-linked hackers behind $70-million crypto theft
Blockchain research firm Elliptic said that "a number of factors" indicate that the Lazarus Group - a hacker group associated with North Korea - was responsible for the attack.
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People come to India for its talent, not to cut costs: Capgemini global CEO Aiman Ezzat
Aiman Ezzat during his ongoing India visit, said that he is hopeful of the demand situation improving over the next two-to-four quarters but is waiting for an inflection point.
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Disney holds talks with Nexstar on ABC sale: report
Disney CEO Bob Iger said in July that the company could sell some of its traditional TV assets that have struggled for years due to the rise of streaming services.
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