LONDON, UK: Vista Equity Partners has entered right into a definitive settlement to purchase Duck Creek Technologies, a software program provider to property and casualty insurers, for $19 per share in an all-cash transaction.
Vista Equity Partners is an American funding agency focused on financing and forwarding software, data, and technology-enabled startup businesses. Vista has invested in hundreds of companies, together with Misys, Ping Identity, and Marketo.
Duck Creek Technologies is a portfolio agency of the Apax VIII Fund, in which Apax Global Alpha Limited (AGA) is a restricted partner.
The transaction values AGA’s present look-through funding in Duck Creek Technologies at roughly €32.3m. This represents an uplift of c.46.4% to final Unaffected Valuations1 and an uplift of c.€10.3m (c.€0.02 per share) within the Adjusted Net Asset Value (“Adjusted NAV”) of AGA at 30 September 2022.
Note that these figures relate to AGA’s look-through place of Apax VIII’s overall funding in Duck Creek and are stated earlier than taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on the newest exchange charges available the place applicable2. The sale stays topic to customary closing conditions, together with approval by Duck Creek’s stockholders and U.S. antitrust clearance.
The Apax Funds acquired a majority stake in Duck Creek from Accenture in August 2016. Following the carve-out of the business, Apax VIII, leveraging the Apax Funds’ expertise and the Operational Excellence Practice’s expertise, helped transform the corporate right into a number one supplier of software program technology to the insurance coverage market, efficiently itemizing the Company on the Nasdaq Global Select Market in 2020.
AGA, whose shares are listed on the London Stock Exchange, provides investors with entry to a diversified portfolio of personal fairness funds suggested by Apax Partners in addition to a focused portfolio of debt and fairness investments (“Derived Investments”). In 2012, AGA’s predecessor vehicle made a dedication of c.€363m3 to Apax VIII.