Apax, Accenture plan venture to develop insurance-industry software
Apax Partners, the London private-equity firm, and Accenture, the New York management consultant, agreed to form a joint venture to quickly develop software to handle insurance claims, billing and policy administration. Funds advised by Apax will acquire 60 percent of Accenture’s Duck Creek Technologies, with Accenture retaining 40 percent. Terms weren’t disclosed. The parent firms say Duck Creek will operate as a new company. Accenture will be a key systems integrator and consulting partner for Duck Creek, while Apax will provide access to funding and management expertise, the companies said in a statement. Mike Jackowski, president of Duck Creek, becomes CEO of the joint venture, which the companies expect to close by August 31.
18 April 2016•4 mins read
