Duck Creek Technologies, an intelligent solutions provider looking to define the future of property and casualty (P&C) insurance, has completed its acquisition of global investment firm Vista Equity Partners.
Vista is a global investment firm with more than $95bn in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organisations across private equity, permanent capital, credit and public equity strategies.
Duck Creek Claims is a comprehensive claims management solution that aims to help insurers manage the entire claims lifecycle.
The transaction was valued at approximately $2.6bn.
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.
Michael Jackowski, chief executive officer of Duck Creek, said, “We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology.
“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.”
Monti Saroya, senior managing director and co-head of Vista’s Flagship Fund, added, “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. 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.”
Earlier this year, CIS Insurance Services partnered with Duck Creek Technologies to offer performance testing and stabilisation capabilities.
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