CCC Intelligent Solutions is exploring a potential sale, according to Reuters sources. The Chicago-based company has hired Morgan Stanley to manage the process, which has already involved initial contact with several private equity firms. Shares jumped more than 13% in extended trading following the news. CCC provides cloud-based, AI-driven workflow software for the property and casualty insurance sector, connecting over 35,000 auto insurers, repair shops, parts suppliers, and OEMs. The exploration of strategic alternatives comes after a challenging year in which the company's market capitalization fell 44% from roughly $6.4 billion to $3.3 billion, amid suppressed auto insurance claim volumes and a slower-than-expected rollout of new products.
CCC Intelligent Solutions Holdings Inc.Company exploring sale, shares surged 13%.
Morgan Stanley