Duck Creek Technologies is going to be taken private by Vista Equity Partners.
Duck Creek went public in 2020 and hit a market cap of $5 billion. After peaking at $7 billion in early 2021, Duck Creek's fortunes have fallen somewhat, with its valuation falling to below $2 billion over the past year, with a closing price of $13 per share as of Friday.
The $19 per-share offer is a 42% premium on Duck Creek's most recent market closing price and a 64% premium on its volume-weighted average price over the previous 30 days.
Over the past year, it has been noted that Vista has been at the center of some of the biggest enterprise deals, including the acquisition of Citrix by Vista. In addition, it sold Datto for $6.2 billion, while it bought automated tax compliance company Avalara for $8.4 billion.
Over the past couple of decades, Vista has acquired a number of insurance software companies, including Applied Systems and Eagleview.
Jeff Wilson said thatVista has an established track record of partnering with leading enterprise software businesses. As we look to build on their best-in-class platform and solutions, we are excited to work with the Duck Creek team.
The transaction is expected to be concluded in the second quarter of next year.