GTCR and Elliott Said to Near Deal for Software Firm CCC

GTCR and Elliott Investment Management are in advanced talks to acquire car-insurance software provider CCC Intelligent Solutions Holdings Inc., according to people familiar with the matter.

A deal could be announced as soon as next week, said the people, who asked not to be identified because the information is private. A final agreement hasn’t been reached and details including the timing could change or talks could end without a deal, the people said. Another bidder could also emerge, the people said.

CCC has been working with a financial adviser to explore options after activist investor Elliott built a large stake in the Chicago-based firm.

Bloomberg News previously reported that Copart Inc., which specializes in used and salvaged car sales, was in talks to buy CCC, as several private equity firms circled the company as well.

CCC closed up about 7% on Friday at $7.02, giving it a market value of about $4.1 billion.

Representatives for GTCR and CCC didn’t immediately respond to requests for comment. A representative for Elliott declined to comment.

The transaction would mark a turning point for the software industry as many investors have been pulling back from fresh bets amid fears of displacement from artificial intelligence. It would also underscore Elliott’s strategy of blending its activist investing and private equity strategies to be a catalyst for take-private deals.

CCC previously weighed a sale in 2023, when its stock was valued at around $8 billion.