VISTA EQUITY PARTNERS COMPLETES DUCK CREEK ACQUISITION

KUALA LUMPUR, March 31 (Bernama) -- Duck Creek Technologies (Duck Creek) announced the completion of its acquisition by Vista Equity Partners (Vista), a global investment firm, for US$19.00 per share, in an all-cash transaction valued at approximately US$2.6 billion. (US$1=RM4.41)

“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C (property and casualty) 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,” said Duck Creek Chief Executive Officer, Michael Jackowski in a statement.

Meanwhile, Vista Managing Director, Jeff Wilson said: “Their commitment to excellence and innovation coupled with Vista’s experience in driving sustainable growth will take the business to new heights while delivering solutions that help carriers transform their business.”

Duck Creek has earned the right to partner with and provide its modern technology solutions to an esteemed list of leading carriers across the globe, including Berkshire Hathaway Specialty Insurance, Hollard Insurance, Northbridge Financial Corporation and Tokio Marine.

With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.

Duck Creek is an intelligent solutions provider defining the future of the P&C and general insurance industry. Its market-leading solutions are available on a standalone basis or as a full suite.

-- BERNAMA