Duck Creek raises a further $230m as it eyes IPO

Duck Creek Technologies, a provider software to the property/casualty insurance industry, has raised $230 million from investors as it eyes a future initial public offering (IPO).

The new cash comes just months after it raised $120 million in December last year. At the time, it also revealed it had confidentially filed draft registration for an IPO. It did not disclose any details regarding the number of shares it would offer or the price range.

The $120 million has been raised from investment firms Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors.

Duck Creek said it 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.

Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers, 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,” said Michael Jackowski, Duck Creek’s CEO. “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.”