07:46 AM EST, 12/20/2024 (MT Newswires) -- CCC Intelligent Solutions ( CCCS ) said Friday it has entered into a definitive agreement to acquire EvolutionIQ for $730 million in a cash-and-stock transaction.

The acquisition, expected to close in Q1, will involve a mix of 40% CCC Intelligent Solutions ( CCCS ) common stock and 60% cash, with the cash portion funded through balance sheet reserves and a $225 million term loan, the company said.

EvolutionIQ's leadership and team will join CCC, the company said.

CCC said it plans to deploy EvolutionIQ's AI-powered claims resolution capabilities across its network.