New funding will drive further expansion of the market-leading SaaS solution for P&C insurance, Duck Creek OnDemand
Boston, June 10, 2020, a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, announced today that leading investment firms Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors, have invested $230 million in the company.
The Duck Creek Suiteof SaaS solutions provides insurance carriers open and highly-configurable applications across core areas of their businesses, such as policy administration, billing, claims, analytics, industry content, distribution management, and reinsurance management- all key to their digital transformations. Duck Creek OnDemandis the leading SaaS core system solution for the P&C Industry.
Duck Creek will use the proceeds for continued investment into its business growth, with a focus on extending the capabilities of the company's SaaS solutions, 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.
Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers LLC, and Temasek. Funds advised by Apax Partners acquired a majority stake in Duck Creek in 2016 from Accenture. Accenture remains a key investor in Duck Creek.
"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'sperformance, particularly during these recent months, has shown the industry that SaaS can deliver new levels of value. We see growing opportunity for Duck Creek as more insurers accelerate their adoption of SaaS solutions for their core systems."
"Duck Creek's growth has continued throughout 2020 and we remain excited about the long-term prospects for the company and its plan to continue to invest in products and people," said Jason Wright, Partner at Apax Partners. "We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management as additional investors to support the company's growth strategy."
J.P. Morgan served as sole placement agent to Duck Creek in connection with this transaction.
This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.
Media Contact:
Paul Rechichi
Racepoint Global
617-624-3295
prechichi@racepointglobal.com
