(Image credit: Vincent van Zalinge/Unsplash.)
Duck Creek Technologies (Boston), a global provider of SaaS insurance core systems and other software to the property/casualty industry, has announced the completion of its acquisition by Vista Equity Partners (Austin, Texas), a global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.
“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology,” comments Michael Jackowski, CEO, Duck Creek. “With Vista’s global network and deep sector expertise, we will be better positioned to support and accelerate the industry’s transition to the cloud while continuing to deliver a best-in-class customer experience.”
“Duck Creek is a demonstrated leader in the P&C space, delivering innovative solutions that empower carriers to be faster and more nimble in servicing the digital needs of their customers,” comments Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “We look forward to partnering with Mike and the Duck Creek team as they continue to scale and define the future of P&C insurance technology.”
Driving Sustainable Growth
“We’re excited to welcome Duck Creek to the Vista ecosystem,” said Jeff Wilson, Managing Director, Vista. “Their commitment to excellence and innovation coupled with Vista’s experience in driving sustainable growth will take the business to new heights while delivering solutions that help carriers transform their business.”
Duck Creek’s insurance carrier customers include Berkshire Hathaway Specialty Insurance (Boston), Hollard Insurance(Sydney), Northbridge Financial Corporation (Toronto) and Tokio Marine (Tokyo, Philadelphia).
With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.
J.P. Morgan acted as financial advisor to Duck Creek, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Duck Creek. Evercore acted as financial advisor to the Special Committee of the Duck Creek Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Special Committee of the Duck Creek Board of Directors. RBC Capital Markets acted as financial advisor to Vista, and Kirkland & Ellis LLP acted as legal counsel to Vista.