Apax Partners has agreed to buy Agencyport, a provider of digital distribution technology for the property and casualty insurance sector. No financial terms were disclosed for the transaction that is being made in connection with the formation of insurance software company Duck Creek Technologies, a joint venture between Apax and Accenture.
NEW YORK, June 1, 2016 /PRNewswire/ — Apax Partners, a leading global private equity firm, today announced that funds advised by Apax have agreed to acquire Agencyport, the leading provider of digital distribution technology for the property and casualty insurance industry. The acquisition is being made in connection with the formation of Duck Creek Technologies, a joint venture between Accenture and Apax Partners that will operate as an independent company focused on driving innovation in insurance software. The Agencyport transaction is expected to close concurrently with the formation of Duck Creek by the end of August 2016.
Agencyport is best known for its flagship products AgencyPortal®, Turnstile®, and BookSmart®, which provide a secure digital channel to enhance collaboration between insurers, agents, brokers, and customers. AgencyPortal® offers a mobile friendly and multi-device responsive design currently used by over 150,000 independent agents and 70 carriers to efficiently grow their businesses and better serve their customers.
The combination of Agencyport’s world-class user experience and Duck Creek’s digital platform will enable carriers to conduct business with their agents, brokers and customers through any channel, using any device. As part of the product strategy, the Duck Creek joint venture is expected to support and invest in Agencyport products and provide independent portal offerings that can front-end any policy, claims, or billing system. Carriers implementing both Duck Creek and Agencyport products will benefit from a highly integrated, end-to-end digital experience, and the option for SaaS-based deployment. Organizationally, Curt Stevenson, Agencyport’s CEO, will join the existing Duck Creek management team.
“Agencyport’s vision has been to improve the industry by offering a digital engagement platform that connects to diverse systems in the carrier IT environment,” said Stevenson. “With Duck Creek, we will create a digital distribution nirvana that will enable insurers to provide user-friendly omni-channel engagement for agents, brokers and customers.”
“The teaming of two of the industry’s premiere solution sets — Agencyport’s front-end portals for carriers, agents, brokers and customers and Duck Creek’s advanced software, and digital and cloud technologies — creates a unique market opportunity to meaningfully accelerate digital insurance,” said Jason Wright, a partner at Apax. “Leading insurance companies of all sizes are looking to highly experienced vendors to guide them through the multi-faceted aspects of digital transformation and innovation. Agencyport and Duck Creek are a clear choice for that leadership.”
About Apax Partners LLP
Apax Partners LLP is a leading global private equity advisory firm. Over its more than 30-year history, Apax Partners has raised and advised funds with aggregate commitments of $38 billion*. Funds advised by Apax Partners invest in companies across four global sectors of Tech and Telco, Services, Health Care and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies.
Apax funds have been one of the most active private equity investors in the software sector, having invested over $2.5 billion in equity since 2008. Apax’s deep sector expertise and global resources have helped accelerate organic and inorganic growth within its software portfolio and have enabled geographic expansion. Current and past software investments include Epicor, Activant, TriZetto (sold to Cognizant), Aptos, Exact, Paradigm, Sophos (SOPH) and Realpage (RP). For further information about Apax Partners, please visit www.apax.com.
* Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at December 31, 2015.
Agencyport Software lets P&C insurers engage simply and quickly with their product distribution channels and technology partners. We offer the world’s leading web-based distribution technologies and robust business intelligence tools—making the complex business of insurance simpler and smarter, increasing efficiency, improving underwriting, and sharpening carriers’ competitive edge.
About Duck Creek Technologies
Duck Creek Technologies LLC, an Accenture company, is a leading provider of comprehensive P&C insurance software and services delivered on-premise or via Duck Creek On-Demand, a Software as a Service model. We deliver configurable, best of breed software that is designed to work independently or as a combined approach to quickly and seamlessly handle the unique needs of insurers of all sizes worldwide. Our technology solutions enable clients to optimize outcomes through digital and data capabilities, streamlined operations, and consistent functionality. For more information, visit www.duckcreek.com.
On April 18, 2016, Accenture and Apax Partners, a leading global private equity firm, announced an agreement to form a joint venture that will operate as a new and independent company, Duck Creek Technologies. The joint venture is intended to further accelerate the development of Duck Creek products and technologies, leveraging advanced digital and cloud technology, and to extend the reach of Duck Creek in key markets. The transaction, which is subject to customary closing conditions, is expected to close in August 2016.