Duck Creek Technologies Acquisition, Valuation, Funding & Investors

Duck Creek Technologies was acquired by Vista Equity Partners for $2.6B in January 2023, a 8.6x multiple on $303M of revenue.

Duck Creek Technologies acquisition price

$2.6B

Acquired by Vista Equity Partners · Jan 2023

Duck Creek Technologies revenue at acquisition

$303M

Last twelve months · Jan 2023

Duck Creek Technologies revenue multiple at acquisition

8.6x

EV/Revenue · Jan 2023

Cumulative funding Duck Creek Technologies raised

$350M

across 2 funding rounds

Duck Creek Technologies Overview

About Duck Creek Technologies

Duck Creek Technologies is a Boston-headquartered SaaS provider of property and casualty insurance software including policy administration, claims management, billing, and reinsurance modules. Adopted by over 200 carriers worldwide, its cloud platform supports P&C lines like auto, home, and commercial for rapid deployment and low-code customization.


Founded

2000

HQ

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$303M (Jan 2023)

Valuation

$2.6B (acquired Jan 2023)

Duck Creek Technologies Acquisition

Duck Creek Technologies was acquired by Vista Equity Partners for $2.6B on 9 January 2023.

The acquisition price implies a 8.6x revenue multiple on $303M of revenue.

Before the acquisition Duck Creek Technologies had raised $350M across 2 funding rounds.

Duck Creek Technologies acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Vista Equity Partners
9 Jan 2023PE buyout$2.6B8.6x187.1x

Duck Creek Technologies Funding History

Duck Creek Technologies has raised a total of $350M across 2 funding rounds.

Duck Creek Technologies' first fundraising round was a $120M undisclosed-stage round in December 2019. The most recent completed round was a $230M undisclosed-stage round in June 2020.

Duck Creek Technologies funding rounds

Duck Creek Technologies funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2020Undisclosed stageKayne Anderson Rudnick (KAR) (lead); Whale Rock Capital Management (lead); Temasek; Dragoneer; Neuberger Berman; Insight Partners$230MDuck Creek Technologies is a Boston-based provider of SaaS-delivered enterprise software solutions for the property and casualty (P&C) insurance industry, offering the Duck Creek Suite including policy administration, billing, claims, analytics, and reinsurance management via its Duck Creek OnDemand platform. On June 10, 2020, the company received a $230 million investment from new investors Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors including Dragoneer Investment Group, Insight Partners, Neuberger Berman, Temasek Holdings, and Apax Partners, which had acquired a majority stake in 2016 from Accenture. The funding matched the specified investors and approximate date, with proceeds allocated to business growth, SaaS platform enhancements, product development, international expansion, and equity repurchases from existing investors. The investment underscored Duck Creek's momentum as a SaaS leader in P&C core systems amid accelerating industry adoption of cloud solutions, particularly highlighted by platform performance during early 2020 challenges. CEO Michael Jackowski noted growing opportunities as insurers pivoted to SaaS for core operations. Apax Partners expressed excitement over continued growth and long-term prospects, supporting investments in products and personnel. Financial traction near the round included total revenue of $153
Dec 2019Undisclosed stageDragoneer (lead); Insight Partners (lead); Neuberger Berman (lead); Temasek (lead)$120MDuck Creek Technologies is a Boston-based provider of SaaS core systems software for the property and casualty (P&C) insurance industry, offering cloud-native solutions like Duck Creek OnDemand for policy administration, claims management, and billing. On December 9, 2019, the company received a $120 million growth investment from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek, with J.P. Morgan as sole placement agent. The capital was earmarked for product development, international expansion, and repurchasing equity from existing investors. Financial traction around the period showed revenue of $123 million for the nine months ended May 31, 2019, reflecting operations prior to the funding. The company reported net losses of $14 million for that nine-month period and $17 million for the full fiscal year ended August 31, 2019. Subscription revenue growth was strong, with SaaS ACV bookings comprising 82% of total ACV bookings in the nine months ended May 31, 2019. In 2023, Vista Equity Partners acquired Duck Creek for $2.6 billion at $19 per share. Duck Creek operated in a market with a U.S. TAM for core systems software estimated at ~$5 billion, competing in the shift to cloud-based P&C insurance technology.

Who has invested in Duck Creek Technologies?

6 investors have backed Duck Creek Technologies across its funding rounds, including Insight Partners, Temasek, Dragoneer, Neuberger Berman, Whale Rock Capital Management and Kayne Anderson Rudnick (KAR).

Lead investors include Kayne Anderson Rudnick (KAR), Whale Rock Capital Management, Dragoneer, Insight Partners, Neuberger Berman and 1 other investor.


Duck Creek Technologies Investors

Investors in Duck Creek Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore2LeadDec 2019
DragoneerUnited StatesSan Francisco, CA2LeadDec 2019
Neuberger BermanUnited StatesNew York City, NY2LeadDec 2019
Insight PartnersUnited StatesNew York City, NY2LeadDec 2019

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Acquisitions by Duck Creek Technologies

Duck Creek Technologies has acquired 6 companies to date.

Last acquisition by Duck Creek Technologies was on July 6th 2026. Duck Creek Technologies acquired Send for undisclosed valuation.


Latest Acquisitions by Duck Creek Technologies

Send
Risk Control Technologies
Imburse
Outline Systems
Description
-
Risk Control Technologies is a software provider for insurance carriers specializing in loss control and risk engineering. Its platform integrates telematics data, predictive analytics, and mobile inspections to reduce claims in transportation and construction sectors. The company combines SaaS tools with consulting to align underwriting and safety practices.
Imburse is a London-headquartered cloud payments orchestration platform connecting enterprise systems to global payment rails for collections and payouts. Founded in 2018, it supports integrations with 500+ providers like Stripe and Adyen across 150 countries. Serving fintechs and enterprises like Paysafe, the SaaS solution enables multi-tenancy and unified reporting, processing billions in transaction volume yearly.
Outline Systems is a Somerset-headquartered IT services provider exclusively for the insurance industry. Founded in 2003 as a CMMI Level 3 certified company, it delivers application development, data center efficiency, and enterprise security solutions. Management's combined experience exceeds 100 years in techno-functional components for policy administration, claims processing, and digital transformation serving U.S. insurers.
HQ CountryUnited KingdomCanadaSwitzerlandUnited States
HQ City
London
Toronto
Zurich
Somerset, NJ
Deal Date6 Jul 202610 Oct 20245 Jan 202317 Oct 2018
Valuationundisclosedundisclosedundisclosed$20M
EV/Revenue
EV/EBITDA

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Duck Creek Technologies Competitors

Duck Creek Technologies competitors include listed companies like Intapp and CCC Intelligent Solutions, and private ones like Reserv, Linear, Side and Icertis.

Public and private companies comparable to Duck Creek Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ReservUnited StatesNew York City, NYPrivate--$1B-
LinearUnited StatesSan Francisco, CAPrivate$100M-$2.5B25.0x
SideUnited StatesSan Francisco, CAPrivate$30M-$2.5B83.3x
IcertisUnited StatesSeattle, WAPrivate$300M-$2.8B9.3x
IntappUnited StatesUnited StatesPublicly listed$578M($16M)$2.8B4.5x
CCC Intelligent SolutionsUnited StatesUnited StatesPublicly listed$1.1B$238M$3.9B4.5x

Duck Creek Technologies Public Comps

Duck Creek Technologies is no longer listed, but its public comps include BSP Financial Group, Allianz-Slovenska, Skyward Specialty, Vaudoise Assurances, Türkiye Sigorta, Go Digit Insurance, Coface, Santam, Clover Health and Intapp.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
BSP Financial Group$760M-3.5x---
Allianz-Slovenska$614M$181M4.1x-14.0x-
Skyward Specialty$1.4B$228M2.0x1.1x12.7x-
Vaudoise Assurances$2.1B$246M1.0x-8.2x-
Türkiye Sigorta$2B$561M1.1x0.7x3.9x-
Go Digit Insurance$1.1B$76M2.3x2.3x32.8x20.6x
Coface$1.9B$422M2.4x2.3x10.9x-
Santam$2.7B$532M1.0x1.2x5.3x6.7x

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Common questions about Duck Creek Technologies

When was Duck Creek Technologies founded?Duck Creek Technologies was founded in 2000.
Where is Duck Creek Technologies headquartered?Duck Creek Technologies is headquartered in Boston, MA, United States.
Is Duck Creek Technologies publicly listed?No, Duck Creek Technologies was acquired by Vista Equity Partners in January 2023.
Who acquired Duck Creek Technologies?Duck Creek Technologies was acquired by Vista Equity Partners in January 2023.
How much was Duck Creek Technologies acquired for?Duck Creek Technologies was acquired for $2.6B in January 2023, a 8.6x revenue multiple.
How much funding has Duck Creek Technologies raised?Duck Creek Technologies has raised $350M across 2 funding rounds.
What was Duck Creek Technologies' last funding round?Duck Creek Technologies' last funding round was a $230M undisclosed-stage round in June 2020, led by Kayne Anderson Rudnick (KAR) and Whale Rock Capital Management.
Who are Duck Creek Technologies' investors?Duck Creek Technologies' investors include Temasek, Dragoneer, Neuberger Berman, Insight Partners, Kayne Anderson Rudnick (KAR) and Whale Rock Capital Management.
Which companies are comparable to Duck Creek Technologies?Companies comparable to Duck Creek Technologies include Reserv, Linear, Side, Icertis, Intapp and CCC Intelligent Solutions.
How many companies has Duck Creek Technologies acquired?Duck Creek Technologies has acquired 6 companies, including Send, Risk Control Technologies, Imburse, Outline Systems and YODIL.
What was the largest acquisition by Duck Creek Technologies?The $20M acquisition of Outline Systems in October 2018 is the largest acquisition Duck Creek Technologies has made to date.

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