CCC Intelligent Solutions has agreed to be acquired by investors led by GTCR and including Elliott Investment Management in a cash transaction with an enterprise value of about $6.1 billion. The October 15 agreement would take the insurance and vehicle-repair software company off the public market.
Shareholders would receive $7.75 per share. CCC said that represents a premium of approximately 44% to its July 9 closing price, before media speculation about a possible sale.
The transaction announcement gives an enterprise value, a measure of the business that includes debt and other financing adjustments. Payments to shareholders are one part of that calculation.
Software connects insurers and repair businesses
Chicago-based CCC supplies software used across insurance claims and vehicle repairs. Its corporate profile says its network connects more than 35,000 businesses, including insurers, automakers, repairers and parts suppliers.
The business operates through software as a service, or SaaS, which means customers access applications online. Our guide to cloud computing explains how that model differs from buying and maintaining all the computing equipment locally.
For a repair business, software sits within a process involving several other organizations, from the insurer handling a claim to suppliers providing replacement parts. The commercial attraction of such a network depends on how much work customers can complete through it, as well as the features of an individual application.
Chief Executive Githesh Ramamurthy said the proposed owners would help CCC expand its network and accelerate AI capabilities. Those are plans for the business under new ownership, with their financial returns still to be established.
A growing business awaits approval
CCC’s most recent quarterly accounts cover April through June. Its second-quarter results showed revenue of $285.9 million, up 9.8% from a year earlier, and net income of $20.8 million, compared with $13.0 million.
At June 30, the company reported $115.9 million in cash and cash equivalents and $1.27 billion of debt.
The board has approved the agreement. Completion is expected in the first quarter of 2027, subject to shareholder and regulatory approvals and other conditions. There is no financing condition, but the remaining approvals can still affect whether and when the purchase is completed.
CCC will remain independently operated and publicly traded until closing. It plans to release third-quarter results on October 29, without an earnings conference call because of the pending transaction.