CCC Clever Options has reached a $730m deal to accumulate EvolutionIQ, a platform for AI-powered steerage in incapacity and damage claims administration.
The acquisition is claimed to reinforce CCC’s AI-powered SaaS choices and prolong its market attain.
This transfer builds on the launch of CCC’s Clever Expertise Cloud platform, which goals to offer AI-powered workflows and new insights to over 35,000 firms in its community.
The deal consideration can be a mixture of round 40% CCC frequent inventory and 60% money, which can be paid through money on the stability sheet and a $225m time period mortgage.
This transaction is slated for completion within the first quarter of 2025, contingent on normal closing circumstances.
CCC secured monetary recommendation from JP Morgan and Citi for this deal, whereas Kirkland & Ellis and Lowenstein Sandler are the authorized advisers for CCC and EvolutionIQ, respectively.
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This acquisition will combine EvolutionIQ’s AI-driven claims steerage and clever summarisation capabilities into CCC’s suite of SaaS options to handle auto casualty claims and damage claims yearly on CCC’s platform.
The EvolutionIQ crew will be a part of CCC, specializing in rising their core markets with the help of CCC’s operational infrastructure.
As well as, CCC has initiated a share repurchase programme authorised by its Board of Administrators, with a cap of $300m, to be financed by means of accessible liquidity and free money circulate.
EvolutionIQ co-founder and co-CEO Michael Saltzman stated: “ Our distinctive crew of world-class insurance coverage specialists, information scientists, engineers, and buyer success professionals have constructed category-creating know-how that’s delivered large worth to our service prospects, their employer policyholders, and claimants, all due to the likelihood to speed up return to well being.”
CCC chairman and CEO Githesh Ramamurthy said: “Buying EvolutionIQ provides confirmed, AI-powered damage claims decision capabilities to our present auto casualty product suite and accelerates CCC’s technique of leveraging real-world AI to resolve complexity throughout the broader insurance coverage ecosystem.”
