Duck Creek Technologies, an intelligent solutions provider looking to define the future of property and casualty (P&C) insurance, is to be acquired by Vista Equity Partners.
Duck Creek Claims is a comprehensive claims management solution that aims to help insurers manage the entire claims lifecycle.
Vista Equity Partners is leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. The firm will acquire Duck Creek Technologies for $19.00 per share, in an all-cash transaction valued at approximately $2.6bn.
Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s closing stock price on January 6, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending January 6, 2023.
The transaction is expected to close in the second calendar quarter of 2023, subject to the satisfaction of customary closing conditions.
Michael Jackowski, chief executive officer of Duck Creek, said, “This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium.
“Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”
At the end of last year, Duck Creek welcomed Copart as a partner, to deliver a better claims customer experience.
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