Benzinga - Duck Creek Technologies Inc (NASDAQ: DCT) shares are trading higher Monday after the company agreed to be acquired by Vista Equity Partners.
What Happened: Duck Creek entered into a definitive agreement to be acquired by Vista in an all-cash transaction valued at approximately $2.6 billion. Under the terms of the agreement, Duck Creek shareholders will receive $19 per share in cash.
"This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek's shareholders, providing them a certain and substantial cash value at an attractive premium," said Michael Jackowski, CEO of Duck Creek.
The transaction is expected to close in the second quarter of 2023. Upon completion, Duck Creek will become a privately held company.
Vista is a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. Duck Creek is an intelligent solutions provider that aims to define the future of the property and casualty and general insurance industry.
DCT Price Action: Duck Creek has a 52-week high of $30.32 and a 52-week low of $10.04.
The stock was up 46.6% at $19.05 at time of publication, according to Benzinga Pro.
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