Elliott builds stake in CCC, pushing for sale

Activist investor Elliott Investment Management has accumulated a large ownership stake in CCC Intelligent Solutions Holdings (CCC), a provider of software and data analytics for the auto insurance and collision repair industries, people familiar with the matter said.

Elliott has been pushing the company to explore a sale, the people said. CCC's board is reviewing options, including a potential sale to a private equity firm or a strategic buyer, according to the people.

CCC went public in 2021 through a merger with a special-purpose acquisition company. The stock has traded below its SPAC-era highs for much of the period since. Shares rose on the news.

The company's software connects insurers, repair shops and parts suppliers, processing roughly 30 million claims annually. Elliott's stake and the sale push come as the auto insurance industry faces rising repair costs and longer claim cycles, which could increase demand for CCC's workflow tools.

A representative for CCC declined to comment. Elliott did not respond to a request for comment.