CCC Intelligent Solutions To Acquire EvolutionIQ - Quick Facts

(RTTNews) - CCC Intelligent Solutions, a subsidiary of CCC Intelligent Solutions Holdings Inc. (CCCS), announced that it has signed a definitive agreement to acquire EvolutionIQ, a platform for AI-powered guidance for disability and injury claims management. CCC is expected to acquire EvolutionIQ for $730 million to be paid for with a combination of approximately 40% CCCS common stock and 60% cash to be funded through cash on balance sheet and an additional $225 million term loan. The acquisition expands CCC's market reach into strategic adjacencies and strengthens its AI-powered SaaS platform through the addition of AI capabilities that will work to revolutionize how insurance claims are resolved.

CCC Intelligent Solutions Holdings also announced that its board has approved a new share repurchase authorization to repurchase up to $300 million of the company's outstanding common stock.