Apax Global Alpha (AGA) has announced that the Apax VIII Fund, in which AGA is a limited partner, has announced that its portfolio company Duck Creek Technologies has entered into a definitive agreement to be acquired by Vista Equity Partners for US$19.00 per share in cash.
The transaction values AGA’s current look-through investment in Duck Creek at approximately €32.3m. This represents an uplift of c.46.4% to last Unaffected Valuations and an uplift of c.€10.3m (c.€0.02 per share) in the Adjusted Net Asset Value of AGA at 30 September 2022 (AGA says that these figures are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on the latest exchange rates available where applicable).
The sale remains subject to the usual closing conditions, including approval by Duck Creek’s stockholders and US antitrust clearance. Duck Creek is a software provider to property and casualty (P&C) insurers.
The Apax Funds acquired a majority stake in Duck Creek from Accenture in August 2016. Following the carve-out of the business, Apax VIII helped transform the company into a leading provider of software technology to the insurance market, successfully listing the Company on the Nasdaq Global Select Market in 2020 (ticker: DCT).