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Nearly two and a half years after its initial public offering, Duck Creek Technologies Inc. ( DCT , Financial) announced on Monday it is being taken private by Vista Equity Partners for $2.6 billion.
Investment firm Vista Equity Partners is buying InsurTech Duck Creek Technologies for $2.6 billion. The companies announced the all-cash deal, which takes Duck Creek private, in a news release Monday (Jan. 9).
Duck Creek (NASDAQ: DCT ) stock is taking off on Monday after announcing that global investment firm Vista Equity Partners plans to acquire the company for $2.6 billion. According to a press release, Vista Equity Partners is willing to spend $19 in cash per share to take Duck Creek private.
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Duck Creek Technologies Inc (NASDAQ: DCT) opened nearly 50% up this morning after Vista Equity Partners said it will buy the insurance software company for $2.6 billion. Details of the Duck Creek-Vista Equity deal The agreement translates to $19 a share – about a 46% premium on DCT's previous close.
Private equity giant Vista Equity Partners has announced plans to take Duck Creek Technologies private in a $2.6 billion deal. Boston-based Duck Creek, a SaaS-based software provider for the property and casualty (P&C) insurance sector, went public back in 2020, initially hitting a market cap of around $5 billion.
The insurance technology provider's customers include AIG and Berkshire Hathaway.
Vista will pay $19 per share in cash, or about $2.6 billion, according to CNBC's David Faber.
Duck Creek Technologies DCT, +15.16% stock rose 39% in premarket trades Monday after the property and casualty insurance software and services provider agreed to be taken private by Vista Equity Partners for $19 a share in a deal valued at $2.6 billion. The price of $19 a share is a 46% premium to Duck Creek's closing stock level on Friday.
Duck Creek Technologies, Inc. (NASDAQ:DCT ) Q1 2023 Results Conference Call January 5, 2023 5:00 PM ET Company Participants Brian Denyeau - IR, ICR Mike Jackowski - CEO Kevin Rhodes - CFO Conference Call Participants Dylan Becker - William Blair Saket Kalia - Barclays Parker Lane - Stifel Strecker Backe - Wolfe Research Peter Heckmann - D.A. Davidson Rishi Jaluria - RBC Alex Sklar - Raymond James Operator Thank you for standing by, and welcome to Duck Creek Technologies' First Quarter Fiscal Year 2023 Earnings Call.