Jul. 9 at 11:42 PM
CCC Intelligent Solutions is exploring strategic alternatives, including a potential sale, and has hired Morgan Stanley to lead discussions with potential private equity buyers, according to Reuters. The report sent the company's shares up more than 13% in after-hours trading. CCC provides AI-powered cloud software that connects more than 35,000 insurers, repair shops, parts suppliers, and automakers, helping streamline claims and workflow management across the property and casualty insurance industry. The company has faced lower auto insurance claims, slower-than-expected adoption of new software products, and broader weakness in enterprise software valuations, causing its market capitalization to fall from about
$6.4 billion to
$3.3 billion over the past year. Reuters also noted that CCC explored a potential sale in 2022 after receiving acquisition interest, but those talks ended without a deal.
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