This move is said to bolster CCC’s AI-powered software-as-a-service (SaaS) offerings. Credit: MacroEcon/Shutterstock.

CCC Intelligent Solutions (CCC) has closed the deal to buy EvolutionIQ, a platform known for its AI-powered guidance in disability and injury claims management.  

Valued at $730m, this deal was announced last month. 

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CCC paid 60% of the consideration in cash and the remaining 40% in common stock of its parent company CCCS.  

The move is said to bolster CCC’s AI-powered SaaS offerings.  

This follows the launch of its Intelligent Experience Cloud platform, designed to deliver AI-enhanced workflows and insights to a network of more than 35,000 companies. 

CCC chairman and CEO Githesh Ramamurthy said: “We are excited to officially welcome the EvolutionIQ team to the CCC family. The acquisition expands CCC’s market reach into strategic adjacencies – disability and workers’ compensation – while strengthening our industry-leading AI-powered SaaS platform through the addition of transformative AI capabilities, including Medical Summarization and Next Best Action, that will work to revolutionise how insurance claims are resolved.” 

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CCC secured advisory services from JP Morgan and Citi, while legal counsel for CCC and EvolutionIQ was provided by Kirkland & Ellis and Lowenstein Sandler, respectively.  

This acquisition also coincides with CCC’s board of directors authorising a share repurchase programme of up to $300m. 

EvolutionIQ, headquartered in New York, has nearly 200 employees across the US, Europe and Australia.  

EvolutionIQ’s employees integrated into CCC, focusing on the expansion of their core markets, supported by CCC’s operational infrastructure. 

EvolutionIQ serves the group disability, individual disability and workers’ compensation markets. 

CCC serves various industry players including insurers, repairers, automakers and part suppliers through its cloud-based platform.