LONDON, UK: Vista Equity Partners has entered into a definitive agreement to acquire Duck Creek Technologies, a software provider to property and casualty insurers, for $19 per share in an all-cash transaction.
Vista Equity Partners is an American investment firm focused on financing and forwarding software, data, and technology-enabled startup businesses. Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.
Duck Creek Technologies is a portfolio company of the Apax VIII Fund, in which Apax Global Alpha Limited (AGA) is a limited partner.
The transaction values AGA’s current look-through investment in Duck Creek Technologies at approximately €32.3m. This represents an uplift of c.46.4% to last Unaffected Valuations1 and an uplift of c.€10.3m (c.€0.02 per share) in the Adjusted Net Asset Value (“Adjusted NAV”) of AGA at 30 September 2022.
Note that these figures relate to AGA’s look-through position of Apax VIII’s overall investment in Duck Creek and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on the latest exchange rates available where applicable2. The sale remains subject to customary closing conditions, including approval by Duck Creek’s stockholders and U.S. antitrust clearance.
The Apax Funds acquired a majority stake in Duck Creek from Accenture in August 2016. Following the carve-out of the business, Apax VIII, leveraging the Apax Funds’ experience and the Operational Excellence Practice’s expertise, helped transform the company into a leading provider of software technology to the insurance market, successfully listing the Company on the Nasdaq Global Select Market in 2020.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments (“Derived Investments”). In 2012, AGA’s predecessor vehicle made a commitment of c.€363m3 to Apax VIII.