- Duck Creek Technologies (NASDAQ: DCT) announced it is buying Prima XL. This is why.
Duck Creek Technologies (NASDAQ: DCT), an intelligent solutions provider defining the future of property and casualty (P&C) insurance, announced it has agreed to acquire Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution. And Prima XL will further enhance Duck Creek’s value to current and future customers by simplifying reinsurance management. The deal terms also include an agreement by Duck Creek to purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.
With the proposed acquisition of these two cloud-based, software-as-a-service (SaaS) solutions, Duck Creek will expand its global operations and local presence in the European (EMEA) and Asia-Pacific-Australia (APAC) regions, retaining core talent and operations in Paris, France to complement the company’s existing operations in the United Kingdom and Spain.
And upon completion of the proposed transaction, dedicated Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations. The Prima XL reinsurance management solution will be available to insurance organizations operating on Duck Creek systems and systems other than Duck Creek.
“The insurance industry is undergoing a generational modernization of its technology infrastructure while organizations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud. Core systems for policy, rating, billing, and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here.” Jackowski continued, “In addition to our global core systems vision, by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
— Mike Jackowski, Duck Creek’s chief executive officer
“We are delighted to join the Duck Creek group. Existing and future clients will benefit from the international footprint of a leading insurance software vendor, combined with large and seasoned teams of functional and technical experts. I am convinced that this transaction will increase the leadership positions of Prima XL and Prima Compliance in their respective markets. “
— Julien Victor, CEO of Prima Solutions – who is joining Duck Creek as managing director