Duck Creek Technologies, a US-based insurance technology provider to the property and casualty insurers, has raised $120m.
The investment was made by four investment firms including funds advised by Neuberger Berman, Dragoneer Investment Group, Insight Partners, as well as Temasek.
Duck Creek offers SaaS-delivered enterprise software which enables insurance firms to better manage their various aspects of businesses, including billing, policy administration, claims, analytics, industry content, and distribution along with reinsurance management.
Duck Creek intends to use the funds to further expand its business and to acquire equity from some existing investors.
Duck Creek CEO Michael Jackowski said: “The partnership of these new investors with Duck Creek speaks to the momentum we have achieved as the SaaS leader in P&C core systems and the opportunities we see ahead.
“Our Platform’s ability to deliver real business value has driven our strong operating and financial performance. That success combined with this increased investment will power our growth – particularly through Duck Creek OnDemand, our industry-leading SaaS solution – and international expansion.”
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Jason Wright, Partner at Apax Partners, said: “Duck Creek’s growth has accelerated over the past three years as the insurance industry has embraced its cloud platform. We are very excited about the long-term prospects for the company and its plan to continue to invest in products and people.”
Duck Creek was founded in 2016.