Duck Creek Technologies, which provides a SaaS platform that streamlines business processes for P&C insurers, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The company's Duck Creek Suite enables carriers to develop and manage policy administration processes, supports payment and invoicing, and the entire claims lifecycle. Duck Creek counts some of the largest P&C insurers as customers including Progressive, Liberty Mutual, AIG, The Hartford, Berkshire Hathaway Specialty Insurance, GEICO and Munich Re Specialty Insurance.
The Boston, MA-based company was founded in 2000 and booked $201 million in sales for the 12 months ended May 31, 2020. It plans to list on the Nasdaq under the symbol DCT. Duck Creek Technologies filed confidentially on November 25, 2019. Goldman Sachs, J.P. Morgan, BofA Securities, Barclays and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
