Duck Creek Technologies, the technology policy administrator for insurers, was acquired by global consulting, outsourcing and management firm Accenture for terms undisclosed. New York City-based FirstMark Capital was the only institutional investor in Duck Creek, having backed the company with its initial investment in 2005.
FirstMark Capital-Backed Duck Creek Technologies Sold to Accenture
FirstMark Capital portfolio company, Duck Creek Technologies, the leading modern technology policy administration provider for the property and casualty (P&C) insurance industry, was acquired by Accenture, the global management consulting, technology services and outsourcing company. A leading venture capital firm investing in technology and technology-enabled businesses, FirstMark played a critical role in Duck Creek’s development, growth and ultimately, acquisition. With deep domain experience in insurance technology, FirstMark leveraged broad-based insurance industry insight, relationships and operational expertise to help Duck Creek build and sell a successful business.
New York City-based FirstMark Capital was the only institutional investor in Duck Creek Technologies. Since FirstMark’s initial investment in the company in 2005, Duck Creek Technologies has experienced significant revenue and earnings growth and today serves more than 60 worldwide customers in the P&C and healthcare markets – processing all commercial, personal and specialty lines of business. The company employs some of the most experienced professionals in the insurance software solution industry in its offices across the globe.
“We could not be more pleased with this successful outcome for Duck Creek, its employees and its shareholders,” said Larry Wilson, Venture Partner at FirstMark Capital, “and we are confident that the company’s clients worldwide will now realize even greater benefits from its software.”
“As Duck Creek’s only institutional investor, FirstMark has been an invaluable partner helping us successfully navigate unpredictable market conditions and find the people and partnerships needed to reach our goals and usher in this next phase of growth,” said Steve Hall, President and CEO of Duck Creek Technologies.
FirstMark Capital has founded and invested in innovative businesses with industry-disrupting products and services that apply technology to change the way insurance companies operate. FirstMark’s game-changing portfolio companies that service the insurance industry include companies such as Dovetail Insurance and EagleEye Analytics, among others. Dovetail is a Software as a Service (SaaS) business that enables virtual insurance companies and program managers to issue and service insurance policies efficiently. EagleEye offers a powerful and revolutionary predictive analytics platform to enable insurance companies to more accurately select and price risks and predict underwriting results.
About FirstMark Capital
Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with nearly $2 billion in capital commitments, FirstMark’s team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Netgear (NASDAQ: NTGR); First Advantage (Acquired by First American Corporation); StubHub (Acquired by eBay); Netegrity (Acquired by CA); Flarion (Acquired by Qualcomm); OutlookSoft (Acquired by SAP); Vallent (Acquired by IBM), Navic Networks (Acquired by Microsoft), Boomi (Acquired by Dell), and Riot Games (Acquired by Tencent Holdings). Current investments include: SecondMarket, Knewton,Dovetail Insurance, EagleEye Analytics, Pinterest, Shopify, and Lumos Labs. For more information, please visit: www.firstmarkcap.com.