Private equity firm Apax Partners will acquire 60 percent of Duck Creek Technologies, a provider of insurance software, from Accenture (NYSE: ACN). Accenture, which operates as a consulting, technology services and outsourcing firm, purchased Duck Creek in 2011 and will continue to hold a 40 percent stake in the target.
Bolivar, Missouri-based Duck Creek offers property and casualty insurance software and services delivered on-premise or via its on-demand service model. Under the agreement between London-based Apax and Chicago-headquartered Accenture, Duck Creek, operating as a new and independent company, will focus on further developing products and technologies to extend its reach. Additionally, Accenture will collaborate with Duck Creek to help the insurance market gain access to these technologies. With Apax on board, the company also gains access to increased capital and managing expertise to fund further in-house investments and acquisitions.