Duck Creek agrees to Vista acquisition
10th January 2023Tweet
Duck Creek Technologies has agreed to be acquired by investment firm Vista Equity Partners in an all-cash transaction valued at approximately $2.6bn.
The deal is expected to be completed in the second quarter of the year, although Duck Creek directors and advisors have until February 7 to seek and consider alternative acquisition proposals.
Michael Jackowski, Chief Executive Officer of Duck Creek, said, “This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”
Jeff Wilson, Managing Director at Vista, added, “Vista has an established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals. We are excited to work with the Duck Creek team as we look to build on their best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.”Tweet