Duck Creek Technologies, a leading SaaS platform for property & casualty insurers, has filed an Initial Public Offering with the Securities & Exchange Committee. In the IPO Investment Prospectus, submitted on Thursday, June 28, the company says it is looking to raise up to $200 million dollars in its initial public offering.

The company originally intimated its plans to go public on December 11, 2019 when it announced that it had submitted a draft registration statement with the SEC. It plans to list its shares of common stock on NASDAQ under the symbol “DCT.”

Duck Creek was formed after acquiring AgencyPort in 2016

Founded in 2000 in Boston, Duck Creek has grown into a leading provider of core systems for the P&C insurance industry by “…combining over twenty years of deep domain expertise with the differentiated SaaS capabilities and low-code configurability of our technology platform.” Through its proprietary ‘Duck Creek Platform’ it has enabled customers “…to be agile and rapidly capitalize on market opportunities while reducing their total cost of technology ownership.”

In June of 2016, Duck Creek Technologies was formed as an independent company through a joint venture between Accenture and Apax Partners after the acquisition of the former insurance technology company Agencyport. In commenting on the creation of Duck Creek in 2016, Jason Wright, a partner at Apax said the following:

“The teaming of two of the industry’s premiere solution sets — Agencyport’s front-end portals for carriers, agents, brokers and customers and Duck Creek’s advanced software, and digital and cloud technologies — creates a unique market opportunity to meaningfully accelerate digital insurance,” said Mr. Wright, at the time. “Leading insurance companies of all sizes are looking to highly experienced vendors to guide them through the multi-faceted aspects of digital transformation and innovation. Agencyport and Duck Creek are a clear choice for that leadership.”

Duck Creek Technologies is now a global Saas platform

Since then, the company has grown by leaps and bounds. According to its Prospectus, its Total Revenue for the first 9 months of 2020 was $153,350,000 with a majority of it coming from the company’s subscription-based service. For example, the company highlights the fact that for the nine months ending May 31, 2020, it generated $59 million in subscription revenues, representing a 49% increase over the same revenues generated during the nine months ending May 31, 2019.

The company counts many leading national P&C insurers as clients, such as Progressive, Liberty Mutual, AIG, The Hartford, Berkshire Hathaway Specialty Insurance, GEICO, and Munich Re Specialty Insurance. It also serves many regional carriers as well including UPC, Coverys, Avant Mutual, IAT Insurance Group, and Mutual Benefit Group. The company notes it currently has over 150 insurance customers worldwide, including the top five North American carriers.

Looking to the future, the company estimated in the Prospectus that its “total addressable market, representing the portion of this spending that is focused specifically on core system software” could reach approximately $6 billion in the United States and $15 billion globally as carriers increasingly look to SaaS solutions to innovate both its product and customer experience.

In his letter to prospective Shareholders, Duck Creek CEO Michael Jackowski, expounds on his career in insurance:

“… I have been building and running insurance technology platforms for nearly 30 years, from my early days as a developer and architect of the software that served as the foundation for our Claims SaaS solution, to my tenure at Allstate as a divisional CIO and head of distribution sales. I have seen first-hand the critical role insurance plays in protecting people’s assets and enabling them to make important decisions in their lives, like starting a business or buying a home.

As an insurance professional by training, and a technologist at heart, I also understand how critical it is for technology to be flexible and configurable, enabling insurance carriers to quickly create and modify insurance products, streamline their processes and adapt to regulatory changes. I feel very fortunate to have this opportunity to lead Duck Creek and follow my passion, helping modernize insurance, and contribute to the greater good of our industry.”