CCC Intelligent Solutions Announces $300M Share Repurchase and $730M Acquisition of AI Firm EvolutionIQ

CCC Board Approves New $300 Million Share Repurchase Authorization

Release date- 22122024 - - (the 'Company') (NASDAQ: CCCS), a leading cloud platform provider for the P&C insurance economy, today announced that its board of directors has approved a new share repurchase authorization to repurchase up to of the Company's outstanding common stock. Under the repurchase authorization, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions, or accelerated share repurchases. The repurchase authorization does not obligate the Company to repurchase shares and the specific timing and amount of repurchases may vary based on available capital resources, market conditions, management's discretion, securities law limitations, and other factors. Repurchases, if any, will be funded out of available liquidity and free cash flow. About CCC ('CCC'), a subsidiary of (NASDAQ: CCCS), is a leading cloud platform provider for the multi-trillion-dollar P&C insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. Learn more about CCC at www.cccis.com. Special Note Regarding Forward-Looking Statements This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding future use and performance of CCC's digital solutions. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations; and other risks and uncertainties, including those included under the header 'Risk Factors' in CCC's filings with the (''), including the Form 10-K filed , which can be obtained, without charge, at the website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

CCC Intelligent Solutions approves $300 million buyback By Investing.com

CHICAGO - CCC (WA:CCCP) Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a key cloud platform provider for the property and casualty (P&C) insurance sector, disclosed on Friday that its board of directors has sanctioned a new share repurchase program. The authorization permits the company to buy back up to $300 million of its outstanding common stock. The repurchase program allows for the acquisition of shares via open market transactions, private deals, or accelerated share repurchase agreements. However, the initiative does not compel CCC to repurchase any specific number of shares. The timing and volume of repurchases are subject to change, influenced by factors such as capital availability, market conditions, management decisions, legal restrictions, and other considerations. With a strong current ratio of 3.19 and operating with moderate debt levels, the company appears well-positioned to execute these repurchases using its available liquidity and free cash flow. CCC Intelligent Solutions Inc., a subsidiary of the holding company, operates as a leading cloud platform for the expansive P&C insurance economy. The company's IX Cloud platform, underpinned by artificial intelligence (AI) and innovative event-based architecture, connects over 35,000 businesses. This network facilitates the creation of tailored applications and platforms aimed at delivering optimal outcomes and personalized experiences. The press release also includes forward-looking statements regarding the potential future performance of CCC's digital solutions. These statements are based on current beliefs, assumptions, and information but are subject to various risks and uncertainties that could cause actual results to differ materially. Investors are reminded that forward-looking statements should not be seen as guarantees of future performance, and the company's views may change over time. CCC has stated that it does not currently plan to update these statements except as required by law. The company's filings with the Securities and Exchange Commission, including the Form 10-K filed on February 28, 2024, contain further information on risks and uncertainties that could affect CCC's business and financial results. The announcement is based on a press release statement from CCC Intelligent Solutions Holdings Inc. In other recent news, CCC Intelligent Solutions announced a year-over-year increase of 8% in total revenue, reaching $238 million, and a 9% rise in adjusted EBITDA to $102 million. The company's new product, CCC Payroll, has been adopted by over 2,000 repair facilities since its launch. For the fourth quarter, CCC Intelligent Solutions expects revenue between $242.5 million and $246.5 million, and adjusted EBITDA of $103 million to $105 million. In addition, Mary Jo Prigge, the company's Executive Vice President and Chief Service Delivery Officer, will postpone her retirement until May 31, 2025. This extension aims to ensure leadership stability within the service delivery division during a period of solid company performance. Meanwhile, Morgan Stanley (NYSE:MS) upgraded CCC Intelligent Solutions from Equal-weight to Overweight, reflecting confidence in the company's market position and growth potential. This upgrade is based on the strong demand for CCC's artificial intelligence solutions and the significant return on investment generated by the company's Estimate Straight-through-processing. These recent developments highlight the company's steady growth and the positive market response to its new product offerings.

CCC to acquire AI firm EvolutionIQ for $730 million By Investing.com

CHICAGO - CCC (WA:CCCP) Intelligent Solutions Inc. (NASDAQ: CCCS), a prominent cloud platform provider for the property and casualty (P&C) insurance sector, has signed a definitive agreement to acquire EvolutionIQ Inc., a top platform for AI-powered guidance in disability and injury claims management. The transaction, valued at $730 million, is expected to close in Q1 2025, subject to standard closing conditions. The acquisition will expand CCC's market reach and enhance its AI-powered software as a service (SaaS) offerings by incorporating EvolutionIQ's capabilities, which are designed to transform the resolution of insurance claims. With the integration of EvolutionIQ's technology, CCC aims to strengthen its position in the P&C insurance economy and adjacent markets. EvolutionIQ, founded in 2019, is recognized for its AI-driven claims guidance and intelligent summarization, which provide actionable insights to claims professionals. The company's platform has been adopted by several of the largest U.S. insurers and is credited with helping to expedite the return to work for hundreds of thousands of injured Americans. Githesh Ramamurthy, CCC's chairman and CEO, emphasized the strategic importance of the acquisition, noting that it accelerates CCC's strategy to leverage AI in addressing complexities across the insurance ecosystem. He also highlighted the potential of the combined capabilities of both companies to integrate AI into insurers' workflows, ultimately improving the claims experience for businesses and their claimants. EvolutionIQ's co-founders and team will join CCC, focusing on growing their core markets with support from CCC's operational infrastructure. The acquisition is seen as a significant step towards CCC's vision of streamlining the claims and repair experience. In addition to the acquisition, CCC announced a share repurchase program authorized by its Board of Directors, with up to $300 million to be funded from available liquidity and free cash flow. According to InvestingPro, which offers comprehensive analysis of 1,400+ US stocks through its Pro Research Reports, the company operates with a moderate level of debt and analysts expect net income growth this year. This move underscores CCC's confidence in the acquisition's future benefits and its commitment to driving shareholder returns. Investors seeking deeper insights into CCC's financial health and growth prospects can access additional ProTips and detailed metrics through InvestingPro's extensive database. Financial advisement for the transaction is provided by J.P. Morgan and Citi for CCC, with Kirkland & Ellis LLP serving as legal advisor. EvolutionIQ's legal advisor is Lowenstein Sandler LLP. The acquisition is based on a press release statement, which outlines the terms and expectations for the deal's closure and the anticipated synergies between CCC and EvolutionIQ. In other recent news, CCC Intelligent Solutions has reported a series of significant developments. The company's board of directors approved a new share repurchase program, allowing for the buyback of up to $300 million of its outstanding common stock. In addition, the tenure of the company's Executive Vice President, Chief Service Delivery Officer, Mary Jo Prigge, has been extended until May 31, 2025, ensuring leadership stability. Morgan Stanley (NYSE:MS) upgraded CCC Intelligent Solutions from Equal-weight to Overweight, reflecting confidence in the company's market position and growth potential, particularly in the area of artificial intelligence solutions. The company has also seen steady financial growth, with an 8% year-over-year increase in total revenue reaching $238 million and a 9% rise in adjusted EBITDA to $102 million. These recent developments indicate a period of sustained leadership and strategic actions aimed at enhancing shareholder value. As always, investors are encouraged to keep a close eye on these and future developments from CCC Intelligent Solutions.