CCC Intelligent Solutions, a subsidiary of CCC Intelligent Solutions Holdings Inc. (CCCS), has entered into a definitive agreement to acquire EvolutionIQ, a leading platform offering AI-driven solutions for managing disability and injury claims. The acquisition, valued at $730 million, will be financed using a mix of approximately 40% CCCS common stock and 60% cash, the latter sourced from the company’s cash reserves and a $225 million term loan. This strategic move allows CCC to penetrate new markets and enhances its AI-powered SaaS platform by incorporating advanced AI capabilities that are set to transform the resolution process of insurance claims.
Additionally, CCC Intelligent Solutions Holdings has disclosed that its board of directors has authorized a new share repurchase program, permitting the company to buy back up to $300 million of its outstanding common stock.
