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About EvolutionIQ
Industries
Enterprise Software
AI & Machine Learning
Financial Services
Company Size
201-500
Company Stage
Late Stage VC
Total Funding
$58.7M
Headquarters
New York City, New York
Founded
2019
Overview
EvolutionIQ creates software for the insurance industry that enhances the claims handling process using artificial intelligence. The software helps insurance examiners and adjusters identify the right claims to focus on, improving efficiency and accuracy. By predicting claim outcomes earlier and understanding bodily injuries like a medical expert, it allows for quicker assignments to specialized teams, ultimately leading to faster resolutions for claimants. The goal is to streamline the claims process, benefiting both insurers and those they serve.
Simplify's Take
What believers are saying
- Acquisition by CCC Intelligent Solutions validates EvolutionIQ's AI capabilities in claims management.
- Partnership with Lincoln Financial enhances disability claims processes and customer satisfaction.
- Recent $10 million equity investment supports expansion and product development.
What critics are saying
- Integration with CCC's systems may face challenges, delaying acquisition benefits.
- Acquisition could shift company culture, causing internal disruptions or turnover.
- AI reliance may expose EvolutionIQ to biases, leading to unfair claim outcomes.
What makes EvolutionIQ unique
- EvolutionIQ uses AI to guide claims examiners, improving efficiency and accuracy.
- The platform predicts claim trajectories earlier, enhancing Return to Work outcomes.
- MedHub integrates medical data synthesis, streamlining claims decision-making.
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Funding
Total Funding
$58.7M
Above
Industry Average
Funded Over
4 Rounds
First Round CapitalBenefits
Health Insurance
Dental Insurance
Vision Insurance
Disability Insurance
401(k) Company Match
Unlimited Paid Time Off
Paid Vacation
Paid Sick Leave
Hybrid Work Options
Stock Options
Company Equity
Professional Development Budget
Home Office Stipend
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↓ -1%2 year growth
↑ 1%CCC Intelligent Solutions Inc. announced its acquisition of EvolutionIQ for $730 million, to be paid with 40% CCCS common stock and 60% cash, including a $225 million term loan. The acquisition aims to enhance CCC's AI-powered SaaS platform with EvolutionIQ's AI capabilities for disability and injury claims management. The transaction is expected to close in Q1 2025. CCC also authorized a $300 million share repurchase program.
CCC Intelligent Solutions acquires EvolutionIQ for $730M.
I first invested in EvolutionIQ's seed financing in 2019 alongside First Round Capital.
CCC Intelligent Solutions (NASDAQ: CCCS) is acquiring EvolutionIQ for $730 million, with 40% in CCCS stock and 60% in cash, funded by cash on hand and a $225 million term loan. The deal, expected to close in Q1 2025, expands CCC's market into disability and injury claims management. CCC also announced a $300 million share repurchase program, reflecting confidence in the acquisition's benefits. EvolutionIQ's AI capabilities will enhance CCC's existing auto casualty platform.
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.The reader should not assume that the information is accurate and complete.
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About EvolutionIQ
Industries
Enterprise Software
AI & Machine Learning
Financial Services
Company Size
201-500
Company Stage
Late Stage VC
Total Funding
$58.7M
Headquarters
New York City, New York
Founded
2019
EvolutionIQ is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today