Posted on 15 Jul 2011
Accenture has entered into an agreement to acquire Duck Creek Technologies, a privately held company that specializes in software solutions for the property and casualty insurance industry.
Upon closing, the acquisition will strengthen Accenture’s capabilities to support P&C insurers of all sizes. It will enhance Accenture’s ability to help insurers react faster to changing market conditions, quickly launch products that match consumers’ evolving needs, and improve customer satisfaction, while reducing operating costs. Terms of the transaction, which is expected to close within the next 30 days, were not disclosed.
The acquisition will complement Accenture Software’s existing P&C, component-based software platforms and will give Accenture an industry-leading suite of software with one of the most comprehensive spectrums of processing capabilities for the P&C insurance market — from product configuration and definition to policy management, including underwriting, billing, rating, ISO-based products support and claims management.
“Duck Creek is a leader in the P&C policy administration market as demonstrated by its customer base and its sales momentum,” said John DelSanto, global managing director of Accenture's Insurance practice. “This acquisition further demonstrates Accenture’s ongoing commitment to providing differentiated software platforms for the insurance industry, supported by valuable and cost-effective software maintenance and upgrade services. It also will reinforce our presence in the marketplace while expanding our offerings to significantly more clients, including in the mid-market. Accenture is committed to improving the business performance of insurers through Accenture P&C Services, and we will continue to enhance our P&C software platforms and services to position our clients for success across all their lines of business.”
Colin Davies, global managing director of Accenture Software, said, “Insurers want software that meets their customers’ needs and supports the scale and strategic objectives of their organizations. This acquisition will enable Accenture to provide insurers with a leading, comprehensive component-based P&C software platform, with modules that can be implemented individually or collectively as part of a broader migration strategy, while reducing the total cost of ownership. In addition, Duck Creek’s solutions are built upon the same Microsoft .NET technology as Accenture’s existing P&C software platforms, which will facilitate rapid integration of the applications.”
Duck Creek was founded in 2000 in Bolivar, Missouri, and has grown to serve more than 60 clients in North America and the UK, processing all commercial, personal, and specialty lines of business. Duck Creek employees include some of the most experienced professionals in the insurance solution software industry. Duck Creek also has offices in Columbia, South Carolina; Farmington, Connecticut; and Surrey, United Kingdom.
“The combination of Duck Creek’s and Accenture’s P&C software will create one of the most robust and comprehensive platforms available in the market,” said Steve Hall, president and CEO of Duck Creek. “The two companies will bring together a powerful set of industry skills, technology services and implementation capabilities for P&C insurance clients, who will also benefit from additional experience, scale and R&D investment. By joining Accenture, we will bolster our continued commitment to our customers and the insurance industry.”
Accenture Property & Casualty Insurance Services, a business service within Accenture’s Financial Services operating group, serves more than 70 property and casualty insurance clients worldwide.
Duck Creek Technologies was advised by Spurrier Capital Partners, a technology-focused M&A advisory firm based in New York.
Accenture is a global management consulting, technology services and outsourcing company, with more than 223,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010.