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.
