CCC Intelligent Solutions, a Chicago-based company providing software and AI-powered workflow tools, is exploring a sale of the company, according to three people familiar with the matter.

Company Background

CCC provides software used by auto insurers, collision repair shops, automakers, and parts suppliers to manage accident claims, vehicle repairs, and related workflows. The company says its platform connects more than 35,000 businesses across the property-and-casualty insurance ecosystem.

The company’s market value has fallen to roughly $3.3 billion from about $6.4 billion a year ago as investors grew concerned about slowing growth, weaker industry claims volumes, and slower-than-expected adoption of some of its newer software products. The company’s shares have declined about 44% over the past 12 months.

CCC has explored a sale before. In 2022, the company was considering strategic options, including a potential sale, after attracting takeover interest, though no transaction materialized.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.