Duck Creek was established in 2016 as a new and independent company after funds advised by Apax Partners acquired a 60% stake from Accenture in the insurtech business
Insurtech company Duck Creek raises $120m funding from multiple investors. Photo: courtesy of Pete Linforth from Pixabay.
Insurtech company Duck Creek Technologies has secured an investment of $120m from Dragoneer Investment Group, Insight Partners, funds advised by Neuberger Berman, and Temasek.
The company is engaged in providing software-as-a-service (SaaS)-based enterprise software to the property and casualty insurance industry.
It was established in 2016 as a new and independent company after funds advised by private equity advisory firm Apax Partners acquired a 60% stake from Accenture in the insurtech business. Accenture at that time retained a 40% stake.
Apax Partners partner Jason Wright said: “Duck Creek’s growth has accelerated over the past three years as the insurance industry has embraced its cloud platform. We are very excited about the long-term prospects for the company and its plan to continue to invest in products and people.
“We are proud of our partnership with Mike Jackowski and the Duck Creek team and are pleased to welcome Dragoneer, Insight Partners, Neuberger Berman, and Temasek as additional investors to support the company’s growth strategy.”
Duck Creek’s suite of SaaS-based core system solutions are said to give insurance carriers open and highly-configurable applications for major areas of their businesses, including policy administration, analytics, billing, claims, industry content, distribution management, and also reinsurance management.
According to the insurtech company, its enterprise SaaS solution Duck Creek OnDemand enables insurance carriers to navigate uncertainty and capture opportunities in the market faster than their competitors.
The company’s functionally-rich solutions are available to insurance carriers on a standalone basis or as a full suite.
Duck Creek CEO comments on the latest investment
Duck Creek CEO Michael Jackowski said: “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.
“Our Platform’s ability to deliver real business value has driven our strong operating and financial performance. That success combined with this increased investment will power our growth – particularly through Duck Creek OnDemand, our industry-leading SaaS solution – and international expansion.”
The insurtech company plans to use the proceeds from the latest investment into its business and for reacquiring equity from some existing investors.
The SaaS provider for the insurance industry said that the new commitment of capital comes in the wake of its continued investment in product development and global expansion.
Currently, it has operations in various cities across the world, including Boston, Chicago, London, Sydney, Mumbai, and Barcelona.