Duck Creek Technologies to be bought for $2.6 billion

Boston-based Duck Creek Technologies agreed to be acquired by Vista Equity Partners in an all-cash deal valued at $2.6 billion. The deal, which takes the insurance tech company private, represents a 46 percent premium to the closing price of Duck Creek’s stock on Jan. 6. As part of the deal, Duck Creek shareholders will receive $19 per share. Duck Creek specializes in software for the property and casualty insurance industry. It was founded in 2000 and went public in 2020 at $27 per share. “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,” said Michael Jackowski, the chief executive of Duck Creek. The deal will help the firm continue to help property and casualty insurance providers move their systems to the cloud, he said. Duck Creek has about 1,900 employees globally, including 123 based in Boston. The company’s largest shareholders include private equity firm Apax Partners and consulting giant Accenture, which own 24 percent and 16 percent respectively. The deal is expected to close in the second quarter, pending stockholder approval and US antitrust clearance. Jeff Wilson, a managing director at Vista, said the firm has an “established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals.” The Austin, Texas-based firm is a current investor in about a dozen other Massachusettsbased tech companies, including Drift, Jebbit, SmartBear, and Acquia.