CCC Intelligent Solutions Inc. signed a definitive agreement to acquire claims management platform EvolutionIQ Inc.

Subject to the terms and conditions included in the agreement, CCC is expected to acquire EvolutionIQ for $730 million to be paid for with a combination of roughly 40 percent CCCS common stock and 60 percent cash to be funded through cash on balance sheet and an additional $225 million term loan. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

CCC also announced that its board of directors has authorized a share repurchase program of up to $300 million. The repurchase, which will be funded out of available liquidity and free cash flow, demonstrates CCC’s confidence in the future benefits of the acquisition and underscores CCC’s commitment to driving shareholder returns.

EvolutionIQ’s founders and team will become part of the broader CCC team as part of the deal.

EvolutionIQ is a platform for AI-powered guidance for disability and injury claims management.

CCC is a cloud platform provider powering the property/casualty insurance industry and is a subsidiary of CCC Intelligent Solutions Holdings Inc.