Duck Creek Technologies, a provider of SaaS-delivered software to the property and casualty (P&C) arena, has announced an investment of $120 million from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek.
Established in 2016 as a new and independent firm after funds advised by Apax Partners acquired a majority share in Duck Creek from Accenture, the Duck Creek suite of SaaS solutions offers insurers with open and highly-configurable applications across core business areas.
The significant $120 million capital injection from the four investment firms will be leveraged for continued investment into Duck Creek, and for the firm to repurchase equity from certain existing investors.
Duck Creek says that the new investment comes as it looks to continue investing in product development and global expansion. The firm says that it continues to grow its market share, underpinned by 32% growth in SaaS revenue for fiscal year ended August 31st, 2019 when compared to fiscal 2018.
Michael Jackowski, Duck Creek’s Chief Executive Officer (CEO), commented: “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.”
Jason Wright, Partner at Apax Partners, added: “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.”
