GTCR and Elliott to Acquire CCC Intelligent Solutions for $6.1 Billion

The headline terms are simple. Under the definitive agreement, every share of CCC common stock converts into the right to receive $7.75 in cash. The consortium is led by GTCR and includes Elliott Investment Management L.P. together with its affiliates, and the transaction values CCC at an enterprise value of approximately $6.1 billion. Because the consideration is entirely cash, stockholders receive a fixed, certain amount at closing rather than shares in a combined company.

The company measured the premium against a clean reference point. The $7.75 price is approximately 44% above CCC’s unaffected closing stock price on 9 July 2026, which CCC identifies as the last trading day before the market began discussing a possible sale. Against the 30-day average price as at the same date, the premium is approximately 59%. Using the unaffected date gives stockholders a like-for-like comparison with where the shares traded on their own fundamentals.

CCC’s board approved the transaction after what Githesh Ramamurthy, the company’s Chairman and Chief Executive, called “a thorough review of strategic options with assistance from our financial and legal advisors”. In his words, the board is confident the agreement “recognizes the strength of the business our team has built while delivering immediate and premium cash value to our stockholders.”

A Chicago sponsor founded in 1980 and a Florida manager founded in 1977

GTCR, founded in 1980 and based in Chicago with offices in New York and West Palm Beach, invests through what it calls The Leaders Strategy: partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. Its focus sectors include Financial Services & Technology and Technology, Media & Telecommunications. Since its inception GTCR has invested more than $35 billion in over 300 companies, and it currently manages $45 billion in equity capital.

Elliott Investment Management, founded in 1977 and headquartered in West Palm Beach, Florida, manages approximately $80.3 billion of assets as of 30 June 2026 and describes itself as one of the oldest investment managers of its kind under continuous management. Its investors include pension plans, sovereign wealth funds, endowments and foundations, and the firm states that it has an established history of investment in technology private equity. David Kerko, Head of Global Private Equity at Elliott, speaks for the firm on the deal.

CCC describes itself as a leading SaaS and AI platform powering the multi-trillion-dollar insurance and repair economy. In practice, that means the software where a motor claim moves between parties. An insurer assesses the loss, a repair facility writes up the work, parts suppliers price and ship components, and automakers set repair procedures. CCC connects more than 35,000 of these businesses through the workflows where claims and repair decisions are made every day.

The platform is the CCC Intelligent Experience (IX) Cloud, which the company says is powered by proven AI and an innovative event-based architecture. That design lets the platform pass events between participants as a claim progresses, rather than each party holding its own isolated record. Ramamurthy described the ambition in July as making CCC “the connective layer for the insurance economy – a network that helps every participant act, not just record”.

Four decades of claims data and a decade of embedded AI

Two assets underpin the platform. The first is data: CCC says its work is informed by more than 40 years of industry data. The second is AI that has been built into those workflows for over a decade, so models act inside the systems where adjusters and repairers already work. The company positions this combination as the way it helps customers manage growing complexity across the claims and repair lifecycle and move work forward with confidence.

On the repair side, the flagship AI product is Mobile Jumpstart, CCC’s AI-powered estimating solution for repair facilities. During the second quarter of 2026, one of the nation’s largest multi-store operators renewed and expanded its multi-year relationship with CCC; that customer uses the platform to initiate 98% of its repair estimates. Two additional large multi-store operators expanded their use of Mobile Jumpstart in the same quarter, driving double-digit increases in both participating repair facilities and estimates initiated through the platform.

Elliott’s David Kerko summarises why the position matters: “CCC’s role within the large ecosystem of insurers, repair facilities, automakers and parts suppliers creates strong data advantages and network benefits for their more than 35,000 customers.” Each new participant adds data and connections that make the platform more useful for everyone already on it, which is the core of the network argument both buyers make.

The investment case is stated in the buyers’ own words. Mark Anderson, Managing Director and Head of Technology, Media & Telecommunications at GTCR, said the firm has followed CCC for years and believes the company “is uniquely positioned to support their customers as they increasingly adopt AI solutions to improve decision making and efficiency across the claims and repair lifecycle.” GTCR plans to support continued investment in product innovation and AI capabilities, expand CCC’s offerings and build long-term value.

Elliott’s view is built on durability. Kerko described CCC as “the trusted third party at the center of the automotive insurance and repair industry” and went further: “We believe these advantages make CCC a highly durable franchise in vertical software – which AI will only make more valuable as CCC delivers the next generation of capabilities to its customers.” In a market where investors are weighing how AI changes software businesses, both firms are backing the view that a network with proprietary data is strengthened by it.

Two top-five insurers widened AI claims routing in one quarter

CCC’s second-quarter report gives the thesis concrete form. During the quarter, two top-five insurers, ranked on 2025 direct premium written, expanded their adoption of CCC’s AI-based claims routing solution. CCC says the solution helps insurers identify total losses sooner, improve repair facility capacity utilisation and accelerate resolution for policyholders, and that the wins provide further evidence of the operational and financial benefits it can deliver.

A third top-five insurer adopted CCC’s AI-based subrogation solution in the same quarter, becoming the largest carrier to do so to date and rapidly scaling deployment under a multi-year agreement. Subrogation, the process by which an insurer recovers costs from another party, is a complex, high-value workflow where accuracy and consistency are critical. CCC says the win reflects growing demand for AI-enabled automation in exactly those workflows.

Agentic capabilities and a wider network under private ownership

Ramamurthy set out three priorities for the new chapter. “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,” he said. The emphasis on agentic capabilities, software that can take actions within a workflow rather than only recommend them, matches the July description of a network that helps every participant act.

Private ownership is the vehicle for that plan. GTCR’s model of partnering with management leaders and building companies through organic growth and strategic acquisitions gives CCC a sponsor with long experience in financial services technology. Anderson said GTCR looks forward to partnering with Ramamurthy and the CCC team, and that its focus will be on helping CCC deliver better outcomes for its customers while supporting the company’s next phase of growth.

CCC’s second-quarter 2026 results (opens in a new tab), published on 30 July 2026, are the most recent full set of numbers before the agreement. Total revenue was $285.9 million for the three months ended 30 June 2026, an increase of 9.8% from $260.5 million a year earlier. Ramamurthy summarised the quarter as “another quarter of solid execution, with second quarter revenue growth of 10% and adjusted EBITDA margin of approximately 40%.”

Profitability held at software levels. GAAP gross profit was $210.6 million, a gross margin of 74%, compared with $194.0 million and the same 74% margin a year earlier. Adjusted gross profit was $217.3 million, a 76% margin. GAAP operating income rose to $47.6 million from $24.5 million, while adjusted operating income rose to $101.6 million from $94.2 million. GAAP net income was $20.8 million, up from $13.0 million, and adjusted net income was $61.3 million.

Adjusted EBITDA reached $115.5 million, up 6.8% from $108.1 million. Cash generation was the standout: CCC generated $101.6 million in cash from operating activities and free cash flow of $82.4 million in the quarter, compared with $43.1 million and $27.4 million respectively in the second quarter of 2025. At 30 June 2026 the company held $115.9 million in cash and cash equivalents against $1.27 billion of total debt, and had 587,843,605 shares outstanding.

Guidance points to $1.158 billion to $1.164 billion of 2026 revenue

With the results, CCC issued guidance for the rest of the year. For the third quarter of 2026 it guided to revenue of $289.5 million to $291.5 million and adjusted EBITDA of $118.0 million to $120.0 million. For the full year it guided to revenue of $1.158 billion to $1.164 billion and adjusted EBITDA of $485.0 million to $491.0 million. CCC will release its third-quarter results on 29 October 2026 and, in light of the pending transaction, will not host a conference call or webcast.

The transaction was approved by CCC’s Board of Directors and is expected to close in the first quarter of 2027. It is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of CCC stockholders. CCC says a stockholder meeting will be announced as promptly as practicable, and the company intends to file preliminary and definitive proxy statements with the SEC. The regulatory steps include the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Until closing, CCC remains publicly traded and will continue operating as an independent company, so customers and partners keep working with the same team on the same platform. The transaction is not subject to a financing condition. Once it completes, CCC will become a privately held company and its common stock will no longer be listed on the Nasdaq.

Morgan Stanley for CCC, J.P. Morgan and Citi for the consortium

Morgan Stanley & Co. LLC is financial adviser to CCC, Kirkland & Ellis LLP is its legal counsel and Joele Frank, Wilkinson Brimmer Katcher is its strategic communications adviser. On the buy side, J.P. Morgan is lead financial adviser to GTCR and lead arranger of the committed financing for the transaction, and Citi is also serving as financial adviser and participating in the committed financing. Simpson Thacher & Bartlett LLP is legal counsel to GTCR, while Gibson, Dunn & Crutcher LLP and Debevoise & Plimpton LLP are legal counsel to Elliott.

Five milestones between the agreement and a private CCC

• –Third-quarter results. CCC reports on 29 October 2026 against guidance of $289.5 million to $291.5 million of revenue.
• –Proxy statement. Preliminary and definitive proxy filings with the SEC, setting out the background to the agreement.
• –Stockholder meeting. To be announced as promptly as practicable.
• –Regulatory approvals. Including the Hart-Scott-Rodino waiting period, as described under the timetable.
• –Closing. Expected in the first quarter of 2027, after which CCC delists from the Nasdaq.

For CCC’s employees, the message from the top was one of continuity. Ramamurthy said he is “deeply grateful to our employees for their dedication and commitment to our customers” and “excited for all that we will accomplish together in this next chapter.” With the same Chairman and Chief Executive, a sponsor that says it wants to invest more in AI, and a network that keeps growing, the company enters private ownership with its strategy intact.