Jan 7, 2025

CCC paid 60% of the consideration in cash and 40% in common stock of its parent company, CCC Intelligent Solutions Holdings (CCCS). January 7, 2025 This move is said to bolster CCC’s AI-powered software-as-a-service (SaaS) offerings. Credit: MacroEcon/Shutterstock. CCC Intelligent Solutions (CCC) has closed the deal to buy EvolutionIQ, a platform known for its AI-powered guidance in disability and injury claims management. Valued at $730m, this deal was announced last month. Go deeper with GlobalData The move is said to bolster CCC’s AI-powered SaaS offerings. This follows the launch of its Intelligent Experience Cloud platform, designed to deliver AI-enhanced workflows and insights to a network of more than 35,000 companies. CCC chairman and CEO Githesh Ramamurthy said: “We are excited to officially welcome the EvolutionIQ team to the CCC family. The acquisition expands CCC’s market reach into strategic adjacencies – disability and workers’ compensation – while strengthening our industry-leading AI-powered SaaS platform through the addition of transformative AI capabilities, including Medical Summarization and Next Best Action, that will work to revolutionise how insurance claims are resolved.” How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Tick here to opt out of curated industry news, reports, and event updates from Life Insurance International. Submit and download Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. CCC secured advisory services from JP Morgan and Citi, while legal counsel for CCC and EvolutionIQ was provided by Kirkland & Ellis and Lowenstein Sandler, respectively. This acquisition also coincides with CCC’s board of directors authorising a share repurchase programme of up to $300m. EvolutionIQ, headquartered in New York, has nearly 200 employees across the US, Europe and Australia. EvolutionIQ’s employees integrated into CCC, focusing on the expansion of their core markets, supported by CCC’s operational infrastructure. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets. CCC serves various industry players including insurers, repairers, automakers and part suppliers through its cloud-based platform. Sign up for our daily news round-up! Give your business an edge with our leading industry insights.