Duck Creek Technologies receives $120 million investment
Duck Creek Technologies, a provider of SaaS (software as a service) enterprise software to the property & casualty insurance industry, has received a total of $120 million in investment from four investment firms – Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek.
The Duck Creek suite of SaaS solutions provides insurance carriers with open, configurable applications across core areas of their businesses, such as policy administration, billing, claims, analytics, industry content, distribution management, and reinsurance management.
Duck Creek will use the proceeds for continued investment into its business 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. Duck Creek continues to gain market share, as evidenced by 32 percent growth in SaaS revenue for the fiscal year ended August 31, 2019 as compared to fiscal 2018.
“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 chief executive officer. “Our Platform’s ability to deliver real business value has driven our strong operating and financial performance. That success combined with this increased investment will power our growth – particularly through Duck Creek OnDemand, our industry-leading SaaS solution – and international expansion.”
Jason Wright, partner at Apax Partners, added: “Duck Creek’s growth has accelerated over the past three years as the insurance industry has embraced its cloud platform. We are very excited about the long-term prospects for the company and its plan to continue to invest in products and people. We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Dragoneer, Insight Partners, Neuberger Berman, and Temasek as additional investors to support the company’s growth strategy.”
In 2016, Duck Creek was established as a new and independent company when funds advised by Apax Partners, a leading global private equity advisory firm, acquired a majority stake in Duck Creek from Accenture.
J.P. Morgan served as sole placement agent to Duck Creek in connection with this transaction.
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