Duck Creek Technologies receives $120 million investment from Dragoneer Investment Group, Neuberger Berman, Insight Partners, and Temasek
9 December 2019
Boston – December 9, 2019: Duck Creek Technologies, a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, today announced that four leading investment firms – Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek – have invested $120 million in the company.
The Duck Creek suite of SaaS solutions provides insurance carriers with 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’s SaaS solutions have been adopted by insurers around the world.
Duck Creek will use the proceeds for continued investment into its business 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. Duck Creek continues to gain market share, as evidenced by 32% growth in SaaS revenue for the fiscal year ended August 31, 2019 as compared to fiscal 2018.
“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’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.”
“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,” 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 Dragoneer, Insight Partners, Neuberger Berman, and Temasek as additional investors to support the company’s growth strategy.”
In 2016, Duck Creek was established as a new and independent company when funds advised by Apax Partners, a leading global private equity advisory firm, acquired a majority stake in Duck Creek from Accenture.
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.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
About Dragoneer Investment Group
Dragoneer is a San Francisco-based, growth-oriented investment firm with over $8 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, AmWINS, AppFolio, Atlassian, Dollar Shave Club, Etsy, Facebook, Netflix, Nubank, PointClickCare, Procore, Slack, Spotify, Square, Uber, and others.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s team is more than 2,100 professionals. For five consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for its clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $333 billion in client assets as of June 30, 2019. For more information, please visit Neuberger Berman’s website at www.nb.com.
Temasek is an investment company with a net portfolio value of US$231b (S$313 billion) as at 31 March 2019. Our Temasek Charter roles as an investor, institution and steward shape our investment stance, ethos and philosophy, to do well, do right and do good. Our investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world. Headquartered in Singapore, we have 11 offices around the world, including New York, San Francisco and Washington, D.C. For more information on Temasek, please visit www.temasek.com.sg
For Duck Creek Technologies
Paul Rechichi, Racepoint Global | +1 617 624 3295 | firstname.lastname@example.org
Scott Fitzgerald, Duck Creek | +1 857 327 8255 | email@example.com
For Apax Partners
Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | firstname.lastname@example.org
USA Media: Todd Fogarty, Kekst CNC | +1 212-521 4854 | email@example.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | firstname.lastname@example.org