Duck Creek Technologies, a provider of software and services to insurance industry, has been acquired by Accenture, the global management consulting, technology services and outsourcing company, for an undisclosed amount.
According to Accenture, Duck Creek will become part of its software, Accenture’s dedicated software business and about 370 Duck Creek employees based in the US and the UK are joining Accenture through the acquisition.
The acquisition complements Accenture Software’s existing P&C component-based software platforms and will give Accenture the most comprehensive suites of processing capabilities for the P&C insurance market, including underwriting, billing, rating, ISO-based products support and claims management.
Duck Creek Technologies was funded by FirstMark Capital, a venture capital firm specializing in innovative technology, and advised by technology-focused M&A advisory firm, Spurrier Capital Partners.
Accenture Software global director Colin Davies said this acquisition demonstrates the commitment to offering insurers a full suite of P&C software with independent but interoperable modules that cover all core insurance functions.
"The software is designed to address insurers’ business requirements while helping reduce implementation time and risk,"Davies said.