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CompaniesNEW YORK, July 9 (Reuters) - CCC Intelligent Solutions (CCC.O), opens new tab is exploring a sale of the company, ​according to three people familiar with the ‌matter.

The Chicago-based company, which provides software and AI-powered workflow tools, has hired Morgan Stanley (MS.N), opens new tab to advise on ​a sale process and has reached out ​to prospective buyers, including private equity firms, ⁠the sources said.

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CCC and Morgan Stanley did not ​immediately respond to Reuters' requests for comment.

CCC provides ​software used by auto insurers, collision repair shops, automakers and parts suppliers to manage accident claims, vehicle repairs ​and related workflows. The company says its ​platform connects more than 35,000 businesses across the property-and-casualty insurance ‌ecosystem.

The ⁠company's market value has fallen to roughly $3.3 billion from about $6.4 billion a year ago as investors grew concerned about slowing growth, weaker industry ​claims volumes and ​slower-than-expected ⁠adoption of some of its newer software products. The company's shares have ​declined about 44% over the past ​12 months.

CCC ⁠has explored a sale before. Reuters reported in 2022 that the company was considering strategic options including ⁠a ​potential sale after attracting ​takeover interest, though no transaction materialized.

Reporting by Milana Vinn in New ​York; editing by Colin Barr and Nia Williams

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Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism.