Thoughts on a Potential Transaction

Research evidence excerpt

Thoughts on a Potential Transaction

ndustry data assets, and increasing AI monetization .Source: CompanyCCC EV/NTMData,RevFactSet, JefferiesCCC Avg EV/NTM Rev

opportunities. While recent results have been mixed, we would expect a transaction to occur at a

premium to current trading levels (3.3x EV/S on our 2028 estimates) given the company's strategic

positioning, sticky customer relationships, and strong long-term cash flow profile.

CCC Trades at a Discount to Recent Transactions. There have been 17 M&A transactions in the

past 12 months with an EV of $1B or greater, seven of which involved PE as the acquiring party.

These seven deals priced at an average 5.1x EV/NTM revenue, compared to the non-PE deals, which

priced at an average 9.4x EV/NTM revenue. Currently, CCC trades at 3.7x EV/NTM revenue and 9.1x

EV/NTM EBITDA. Our estimates and $8 PT imply a 5.2x EV/NTM revenue multiple and a ~12.2x

EV/NTM EBITDA multiple.

Exhibit 1 - LTM Software M&A Activity, ~$1B EV or Higher

Date

Acquirer Target Description Value ($M) EV/NTM Rev

Announced

HG Capital OneStream Application Software 1/6/2026 6,400 8.5x

ServiceNow Armis Security 12/23/2025 7,750 15.2x

Permira, Warburg Pincus, Temasek Clearwater Analytics Vertical Software 12/21/2025 8,400 8.9x

IBM Confluent Infrastructure Software 12/8/2025 11,000 8.5x

Palo Alto Networks Chronosphere Observability Software 11/19/2025 3,350 N/A

Adobe Semrush SaaS Platform 11/19/2025 1,900 3.8x

Francisco Partners Jamf Device management 10/29/2025 2,200 2.9x

Qualtrics Press Ganey Forsta Practice Management 10/6/2025 6,750 N/A

Thoma Bravo PROS Holdings SaaS pricing and selling solutions 9/22/2025 1,400 3.6x

Atlassian DX Productivity Software 9/18/2025 1,000 N/A

Workday Sana AI/ML SaaS 9/16/2025 1,100 N/A