CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

CCC Intelligent Solutions (NASDAQ: CCCS) has completed its acquisition of EvolutionIQ, a leading platform for AI-powered disability and injury claims management. The acquisition expands CCC's market presence into disability and workers' compensation sectors while enhancing its AI-powered SaaS platform with new capabilities including Medical Summarization and Next Best Action features.

The transaction was executed using a combination of cash and CCCS common stock. Alongside the acquisition announcement on December 20, 2024, CCC's board approved a $300 million share repurchase program. The merger aims to revolutionize insurance claims resolution by combining both companies' AI-based platforms.

CCC Intelligent Solutions (NASDAQ: CCCS) has announced the acquisition of EvolutionIQ for $730 million, to be paid through a combination of 40% CCCS common stock and 60% cash. The transaction is expected to close in Q1 2025.

The acquisition combines two AI-powered platforms, expanding CCC's market reach into disability and injury claims management. EvolutionIQ's AI-powered claims guidance platform will complement CCC's existing auto casualty product suite. The deal will be funded through cash on balance sheet and a $225 million term loan.

Additionally, CCC's Board has authorized a $300 million share repurchase program, demonstrating confidence in the acquisition's future benefits.

CCC Intelligent Solutions Holdings (NASDAQ: CCCS) has announced that its board of directors has approved a new $300 million share repurchase authorization. The company can execute the buyback through open market purchases, privately negotiated transactions, or accelerated share repurchases. The authorization provides flexibility in timing and amount based on market conditions, capital resources, and other factors. Repurchases will be funded through available liquidity and free cash flow.

CCC is a leading cloud platform provider for the P&C insurance economy, connecting over 35,000 businesses through its CCC Intelligent Experience (IX) Cloud™ platform, which serves insurers, repairers, automakers, and part suppliers.

Repairify announced a new integration between its adasThink platform and CCC ONE®, CCC Intelligent Solutions' estimating and repair management software. The integration allows collision repair shops using CCC® Diagnostics Workflow to access adasThink's ADAS identification capabilities directly within the CCC platform, streamlining the process of identifying ADAS systems and determining recalibration requirements. The full integration will be available from November 18th, 2024, helping repair facilities enhance repair precision, increase efficiency, and reduce cycle times.

CCC Intelligent Solutions Holdings (NASDAQ:CCCS) has appointed Neil de Crescenzo to its Board of Directors. De Crescenzo brings extensive healthcare and technology sector experience, most recently serving as CEO of Optum Insight, a UnitedHealth Group division with $18.5B in revenue until October 2023. Previously, he was CEO of Change Healthcare, where he quadrupled financial performance and led its NASDAQ IPO in 2019. He also held senior positions at Oracle and IBM, where he drove significant growth in healthcare consulting. The appointment aligns with CCC's strategy to strengthen its market position and drive long-term value for stakeholders.

CCC Intelligent Solutions has been named to PropertyCasualty360's Insurance Luminaries Class of 2024 in the Technology Innovation category for its CCC Intelligent Experience (IX) Cloud™ platform. The platform combines event-based architecture with AI to deliver real-time insights and automation across the P&C insurance ecosystem. The IX Cloud transforms linear workflows into dynamic processes, enabling faster, data-driven decisions and helping businesses respond effectively to evolving customer needs. The platform serves as the new core of CCC's technology, supporting the P&C insurance economy in making informed decisions through timely insights and predictive data.

CCC Intelligent Solutions (NASDAQ: CCCS) reported strong Q3 2024 results with revenue reaching $238.5 million, up 8% year-over-year. The company achieved a 43% adjusted EBITDA margin and GAAP gross profit of $183.4 million. Notable metrics include GAAP net income of $4.1 million, compared to a net loss of $21.2 million in Q3 2023, and free cash flow of $49.4 million. The company maintains a strong liquidity position with $286.3 million in cash. Recent launches include CCC® Intelligent Reinspection, CCC® Payroll, and CCC® Build Sheets, with over 2,000 repair facilities adopting the latter since its July launch.

CCC Intelligent Solutions Inc. (CCCS) released findings from its Moments of Truth study, examining key drivers of customer satisfaction and retention in auto claims and repair processes. The study, based on data from 2,400 policyholders, revealed that:

1. Consumer satisfaction with insurers and repairers is closely linked, with their collaboration playing a pivotal role in each other's satisfaction scores.

2. Transparency and clear communication about the claims process and repair needs are more important than speed in determining customer satisfaction.

3. Satisfaction with the claims process may not impact insurer loyalty, with factors like loan gap coverage, injury involvement, and first-time claim filing being more predictive of switching behavior.

4. Repairer actions, such as high-quality repairs and offering loaner vehicles, can significantly impact satisfaction with insurers.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, has announced the date for its third quarter 2024 earnings call. The company will release its financial results for the quarter ended September 30, 2024, after the U.S. financial markets close on Monday, October 28, 2024.

In conjunction with this announcement, CCC will host a conference call on the same day at 5:00 p.m. Eastern Time to discuss the company's financial results and business outlook. Interested parties can access a live webcast of the call on the "Investor Relations" page of the company's website at https://ir.cccis.com. A replay of the call will also be archived on the website for future reference.