London-based private equity and venture capital firm Apax Partners has agreed to acquire a 60% equity stake in Duck Creek Technologies, the insurance software business of Dublin-based management consulting giant Accenture.
Financial terms were not disclosed, but the companies said the joint venture will operate as a new and independent company. Bolivar, Mo.-based Duck Creek's senior management, and approximately 1,000 insurance and insurance software specialists, are expected to join the new joint venture.
Apax is no stranger to investing in the insurance industry. The private equity firm also has stakes in brokerages Hub International and Assured Partners, among others.
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