CCC Intelligent Solutions Inc. announced today that it has completed the previously announced acquisition of EvolutionIQ, Inc. the platform for AI-powered guidance for disability and injury claims management.
“We are excited to officially welcome the EvolutionIQ team to the CCC family,” said Githesh Ramamurthy, chairman and chief executive officer of CCC. “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 revolutionize how insurance claims are resolved.”
As previously announced, CCC acquired EvolutionIQ using a combination of cash and CCCS common stock. Together with the announcement of the EvolutionIQ acquisition on December 20, it was announced that CCC’s board of directors authorized a share repurchase program of up to $300 million.