Vista Equity Partners agreed to pay about $2.6 billion in cash for insurance technology provider Duck Creek Technologies Inc.
Vista is paying $19 per share for the Boston-based company, or a 46 percent premium to its closing share price on Jan. 6, according to a statement. Duck Creek has until Feb. 7 to solicit other offers during a so-called go-shop period.
Duck Creek is among a wave of insurance-focused technology firms, or insurtech providers, that went public in recent years that analysts and investors have pegged as takeover candidates because of a deep selloff in their shares.
Duck Creek provides software to property and casualty insurers for underwriting, claims management, billing and payments, among other services, according to its annual report.
Vista is among private equity’s most active technology buyout specialists, striking deals last year for companies including KnowBe4 Inc. and Avalara Inc.
