CCC Intelligent Solutions to acquire EvolutionIQ

CCC Intelligent Solutions has announced plans to acquire EvolutionIQ , an AI-driven platform for disability and injury claims management.

The deal – expected to close in Q1 2025 – is valued at $730 million, with 40% to be paid in CCCS stock and 60% in cash, funded by a mix of cash reserves and a $225 million loan.

Founded in 2019, EvolutionIQ raised $63.45 million from Brewer Lane Ventures, First Round Capital, FirstMark, Foundation Capital, Principal Financial Group, and others.

Its claims software is used by Prudential and Lincoln Financial – to name two clients.

According to LinkedIn, the company has a team of nearly 200 people.

This acquisition marks CCC’s entry into new insurance markets, building on its expertise in auto claims and casualty management.

“Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve. 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. We expect EvolutionIQ’s Next Best Action capabilities and CCC’s connected network and event-based architecture to deliver a transformational leap forward for insurers and their ability to deeply integrate AI into their existing workflows, a critical step in unlocking the power and promise of AI for their business and their claimants’ experience.” – Githesh Ramamurthy, chairman and CEO, CCC.