Duck Creek Technologies, which provides a SaaS platform that streamlines business processes for P&C insurers, announced terms for its IPO on Friday.
The Boston, MA-based company plans to raise $300 million by offering 15 million shares at a price range of $19 to $21. Insiders Dragoneer Investment Group, Neuberger Berman, and Insight Partners intend to purchase $100 million worth of shares in the offering. At the midpoint of the proposed range, Duck Creek Technologies would command a fully diluted market value of $2.6 billion.
The company's Duck Creek Suite enables carriers to develop and manage policy administration processes, supports payment and invoicing, and the entire claims lifecycle. Duck Creek counts some of the largest P&C insurers as customers including Progressive, Liberty Mutual, AIG, The Hartford, Berkshire Hathaway Specialty Insurance, GEICO and Munich Re Specialty Insurance.
Duck Creek Technologies was founded in 2000 and booked $201 million in revenue for the 12 months ended May 31, 2020. It plans to list on the Nasdaq under the symbol DCT. Goldman Sachs, J.P. Morgan, BofA Securities, Barclays and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2020.
