GTCR, Elliott Acquire Software Firm CCC for $4.6 Billion

GTCR and Elliott Investment Management are acquiring car-insurance software provider CCC Intelligent Solutions Holdings Inc. for about $4.6 billion.

Under the terms of the agreement, CCC stockholders will receive $7.75 in cash for each share of CCC common stock. That represents a premium of approximately 44% to its closing stock price on July 9, when media reports surfaced of a transaction.

CCC’s shares fell 0.5% to $7.60 at 10:16 a.m. in New York on Thursday, giving the company a market valuation of about $4.5 billion.

Bloomberg News reported in October the companies were nearing a deal.

“With GTCR and Elliott’s experience and resources, we will continue to build on our momentum and extend our leadership,” said Githesh Ramamurthy, chairman and CEO of CCC. “Together, we will accelerate the AI and agentic capabilities our customers want from us, expand the network at the center of our platform, and continue to develop and build our world class team.”

The sale shows software deals are possible despite the industry-wide meltdown in share prices earlier this year as investor concern grew over how much impact artifical intelligence would have on the sector.

Elliott built a stake in CCC earlier this year, and the acquisition was driven by the activist’s private equity arm.

CCC makes software for the car insurance industry to help process auto claims and repairs. It had previously weighed a sale in 2023.

The sale is subject to regulatory approval and expected to close in the first quarter next year.

Morgan Stanley was the financial adviser to CCC. JPMorgan Chase & Co. was the lead financial adviser to GTCR. Citigroup Inc. was also a financial adviser.

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