Vista Equity completes Duck Creek acquisition
Duck Creek Technologies, a provider of core systems software for P&C insurer, has announced the completion of its acquisition by Vista Equity Partners, a private equity firm, for $19 per share, in an all-cash transaction that values the company at $2.6 billion.
Duck Creek shares have ceased trading on the Nasdaq Global Select Market.
“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology,” said Michael Jackowski, CEO of Duck Creek, in a press release. “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.”
Advisors include J.P. Morgan and Skadden, Arps, Slate, Meagher & Flom LLP to Duck Creek; Evercore and Paul, Weiss, Rifkind, Wharton & Garrison LLP to the Special Committee of Duck Creek’s board that pursued the agreement; RBC Capital Markets and Kirkland & Ellis LLP to Vista Equity Partners.
“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,” said Monti Saroya, senior managing director and co-head of Vista’s Flagship Fund, in the press release. “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.”
Vista has two other companies in its portfolio that operate in insurance: Eagleview, a geospatial data company; and Solera, which works in auto lifecycle management.
