Private equity firm Vista Equity Partners has officially announced their plans to acquire Duck Creek Technologies, a SaaS-based software provider for the property and casualty (P&C) insurance sector, for $2.6 billion.
The Boston-based company went public back in 2020 with an initial market cap of around $5 billion, but has since seen it’s valuation drop to below $2 billion over the last year, with a $13 per share closing price as of Friday.
“Vista has an established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals,” Vista Equity Partners managing director Jeff Wilson said in a press release. “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.”
The company anticipate the acquisition to close in Q2 2023.