Duck Creek Technologies, a provider of cloud software for the property/casualty insurance industry, said that it has received $230 million in investments from new investors Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management, along with prior investors.
Boston-based Duck Creek said it will use the proceeds for continued investment into its business growth, with a focus on extending the capabilities of the company’s SaaS solutions, and to repurchase equity from certain existing investors.
The company said it continues to invest heavily in product development and international expansion.
Funds advised by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management join existing investors in Duck Creek including Dragoneer Investment Group, Insight Partners, funds and other accounts advised by Neuberger Berman Investment Advisers, and Temasek.
Funds advised by Apax Partners acquired a majority stake in Duck Creek in 2016 from Accenture. Accenture remains a key investor in Duck Creek.
Duck Creek’s products provide insurance carriers applications across core areas of their businesses, such as billing, claims, policy, analytics, policy administration, industry content, distribution management, and reinsurance management.
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