(Image credit: Michael Kleinsasser.)
Duck Creek Technologies (Boston), a provider of SaaS-delivered enterprise software to the property/casualty insurance industry, has announced that investment firms Kayne Anderson Rudnick Investment Management (Los Angeles) and Whale Rock Capital Management (Boston), along with prior investors, have invested $230 million in the company.
Duck Creek will use the proceeds for continued investment into its business growth, with a focus on extending the capabilities of the company’s SaaS solutions, and to repurchase equity from certain existing investors. The new commitment of capital comes as the company continues to invest heavily in product development and international expansion.
Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group (San Francisco), Insight Partners (New York), funds and other accounts advised by Neuberger Berman Investment Advisers LLC (Chicago), and Temasek. Funds advised by Apax Partners acquired a majority stake in Duck Creek in 2016 from Accenture. Accenture remains a key investor in Duck Creek.
“The partnership of these new investors with Duck Creek speaks to the momentum we have achieved as the SaaS leader in P&C core systems and the opportunities we see ahead,” comments Michael Jackowski, CEO, Duck Creek. “Our Platform’s performance, particularly during these recent months, has shown the industry that SaaS can deliver new levels of value. We see growing opportunity for Duck Creek as more insurers accelerate their adoption of SaaS solutions for their core systems.”
“Duck Creek’s growth has continued throughout 2020 and we remain excited about the long-term prospects for the company and its plan to continue to invest in products and people,” comments Jason Wright, Partner, Apax Partners. “We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as additional investors to support the company’s growth strategy.”
J.P. Morgan served as sole placement agent to Duck Creek in connection with the transaction.