CCC Intelligent Acquires EvolutionIQ in $730M Deal
America ı By Rihem Akkouche
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CCC Intelligent Solutions Inc., a Chicago-based insurance industry platform, announced Friday its agreement to acquire New York-based EvolutionIQ Inc., an AI-powered claims management platform, in a $730 million transaction. The deal, facilitated by Kirkland & Ellis LLP and Lowenstein Sandler LLP, is expected to close in the first quarter of 2025.
Strategic Expansion of CCC’s AI-Powered Platform
CCC Intelligent Solutions operates as a cloud-based platform for the property and casualty insurance sectors. EvolutionIQ specializes in AI-powered tools for managing disability and injury claims. CCC highlighted that the acquisition will extend its market reach while bolstering its claims resolution capabilities.
“Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve,” said Githesh Ramamurthy, chair and CEO of CCC. “Acquiring EvolutionIQ adds proven, AI-powered injury claims resolution capabilities to our existing auto casualty product suite and accelerates CCC’s strategy of leveraging real-world AI to solve complexity across the broader insurance ecosystem.”
Financial Details of the EvolutionIQ Deal
CCC plans to finance the $730 million deal with a mix of stock and cash:
- 40% of parent CCC Intelligent Solutions Holdings Inc.’s common stock
- 60% cash, including $225 million from a term loan and balance sheet cash
J.P. Morgan and Citi are serving as financial advisers for CCC.
EvolutionIQ’s Leadership Joins CCC
As part of the acquisition, EvolutionIQ’s team and leadership will integrate with CCC.
“We are thrilled to enter this next phase of EvolutionIQ's growth as part of the CCC team,” said Michael Saltzman, co-founder and co-CEO of EvolutionIQ. He emphasized that their team has created "category-creating technology" that delivers significant value to carrier customers, policyholders, and claimants by facilitating faster returns to health.
Jonathan Lewin, EvolutionIQ’s other co-founder and co-CEO, echoed these sentiments. “CCC and EvolutionIQ share a common focus on customers and the need to bring solutions to market that empower more compassionate support of claimants managing their recovery.”
CCC Authorizes $300M Share Repurchase Program
In tandem with the announcement of the acquisition, CCC’s board authorized a $300 million share repurchase program.
Legal Representation
Kirkland & Ellis LLP is advising CCC on the deal, with a team including corporate partners Will Boothby, Michael Chung, and Doug Ryder, along with capital markets partner Ross Leff. Details regarding Lowenstein Sandler LLP’s representation of EvolutionIQ were not immediately available.
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