Addition of leading independent front-end portal and systems of engagement positions Duck Creek to lead digital insurance marketplace
NEW YORK and LONDON; Aug 2, 2016 – Duck Creek Technologies announced it has purchased Agencyport, its first acquisition since becoming an independent company. Newly formed with the close of the joint venture between Apax Partners, a leading global private equity firm and Accenture (NYSE: ACN) on August 1, Duck Creek plans to accelerate the design and development of property and casualty (P&C) insurance technologies to better serve customers and the market.
Complementing Duck Creek’s current suite of leading core offerings, Agencyport solutions focus on providing intuitive, digital experiences between P&C carriers and their agents, brokers, consumers and policyholders—anytime, anywhere and from any device. Its flagship products include AgencyPortal®, Turnstile®, and BookSmart®.
For carriers using third-party or homegrown back-end systems, Agencyport products will be available as independent solutions, providing the ability to front-end any billing, claims or policy system. Those insurers using both Duck Creek and Agencyport products will benefit from a highly-integrated, comprehensive digital platform with an option to access the solution via Duck Creek On-Demand, a differentiated Software as a Service model.
“There has never been a more important time for insurance companies to embrace new technologies that will secure their future competitiveness, said Michael A. Jackowski, chief executive officer of Duck Creek Technologies. “Working with Accenture and Apax, we look forward to continued development and added investments that will deliver true innovation for our customers and the insurance industry. Together, Duck Creek and Agencyport will combine our expertise to design and deliver the digital solutions that meet the expectations and needs of our customers now and well into the future.”
Now the newest member of the Duck Creek management team, Curt Stevenson, formerly Agencyport’s chief executive officer, sees this as a win-win for both Duck Creek and Agencyport customers. “Today’s insurance carrier increasingly requires a nimble solution set that can keep pace on a multitude of fast-evolving fronts that include customer expectations, technology shifts, and business models and demands. Our industry-leading independent software portal with its world-class user experience, and Duck Creeks’ best of breed software suite and the open digital architecture it sits on, is a powerful opportunity for carriers. No other company has the kind of carrier and agent knowledge or digital know-how it takes to guide insurers through the complexities ahead.”
Funds advised by Apax Partners hold approximately a 60 percent stake in Duck Creek Technologies and Accenture retains approximately 40 percent. Funds advised by Apax will provide Duck Creek with capital to accelerate the development and expansion of property and casualty (P&C) technologies and Accenture will collaborate on solutions involving the Internet of Things, Big Data analytics and other emerging technologies. Accenture will remain a premier platinum delivery partner for Duck Creek Technologies.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of comprehensive P&C insurance software and services delivered on-premises or via Duck Creek On-Demand, a differentiated Software as a Service model. The configurable, best of breed software is designed to work independently or as a combined approach to quickly and seamlessly handle the unique needs of insurers of all sizes worldwide. Duck Creek solutions enable clients to optimize outcomes through digital and data capabilities, streamlined operations, and consistent functionality. For more information, visit www.duckcreek.com.
Agencyport Software lets P&C insurers engage simply and quickly with their product distribution channels and technology partners. We offer the world’s leading web-based distribution technologies and robust business intelligence tools—making the complex business of insurance simpler and smarter, increasing efficiency, improving underwriting, and sharpening carriers’ competitive edge.
About Apax Partners
Apax Partners LLP is a leading global private equity advisory firm. Over its more than 30-year history, Apax Partners has raised and advised funds with aggregate commitments in excess of $45 billion*. Funds advised by Apax Partners invest in companies across four global sectors of Tech and Telco, Services, Health Care and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax Partners, please visit www.apax.com.
Apax funds have been one of the most active private equity investors in the software sector, having invested over $2.5 billion in equity since 2008. Apax’s deep sector expertise and global resources have helped accelerate organic and inorganic growth within its software portfolio and have enabled geographic expansion. Current and past software investments include Epicor, Activant, TriZetto (sold to Cognizant), Aptos, Exact, Paradigm, Sophos (London: SOPH) and RealPage (NASDAQ: RP). For further information about Apax Partners, please visit www.apax.com.
* Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at June 30, 2016..
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.