Duck Creek Technologies Sets Terms For IPO

By Amit Chowdhry ● Aug 7, 2020
  • Duck Creek Technologies — a provider of SaaS-delivered enterprise software to the property and casualty (P&C) insurance industry — announced that it has launched an initial public offering of 15 million shares of its common stock

Duck Creek Technologies — a provider of SaaS-delivered enterprise software to the property and casualty (P&C) insurance industry — announced that it has launched an initial public offering of 15 million shares of its common stock. The IPO price is expected to be between $19 and $21 per share before underwriting discounts and commissions. This means that Duck Creek will be raising about $300 million. And at the midpoint range, Duck Creek Technologies would have a market value of about $2.6 billion.

And Duck Creek expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the IPO price, less underwriting discounts and commissions. Duck Creek applied to list its common stock on the Nasdaq Global Select Market under the symbol “DCT.”

Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities are serving as lead book-running managers for the proposed offering. And Barclays and RBC Capital Markets are also acting as book-running managers for the proposed offering. Plus JMP Securities, Needham & Company, Stifel, William Blair, D.A. Davidson & Co, Raymond James and Loop Capital Markets are acting as co-managers for the proposed offering.

Duck Creek was originally founded in 2000. And in 2011, Duck Creek was acquired by Accenture. In 2016, Accenture sold a majority stake in Duck Creek Technologies to funds advised by Apax Partners.

Duck Creek has raised more than $350 million in funding from investors like Pequot Capital, Insight Partners, Temasek Holdings and Dragoneer Investment Group, according to Crunchbase.

Some of Duck Creek’s customers include Progressive, Liberty Mutual, AIG, The Hartford, Berkshire Hathaway Specialty Insurance, and GEICO. During the 12 months ended May 31, 2020, Duck Creek booked $201 million in revenue.

The company will start trading on the Nasdaq on August 14 under the DCT ticker.