Mergers & Acquisitions

Mergers & Acquisitions

August 24, 2011

Accenture Acquires Duck Creek Technologies

Accenture (News - Alert) has acquired FirstMark Capital portfolio company, Duck Creek Technologies, a modern technology policy administration provider for the property and casualty (P&C) insurance industry.

The global management consulting, technology services and outsourcing company Accenture notes that FirstMark played a critical role in Duck Creek’s development, growth and ultimately, acquisition.

New York City-based FirstMark is an established venture capital firm investing in technology and technology-enabled businesses and boasts deep domain experience in insurance technology. The company leveraged broad-based insurance industry insight, relationships and operational expertise to help Duck Creek build and sell a successful business.

“We could not be more pleased with this successful outcome for Duck Creek, its employees and its shareholders,” said Larry Wilson, Venture Partner at FirstMark Capital, “and we are confident that the company’s clients worldwide will now realize even greater benefits from its software.”

“As Duck Creek’s only institutional investor, FirstMark has been an invaluable partner helping us successfully navigate unpredictable market conditions and find the people and partnerships needed to reach our goals and usher in this next phase of growth,” said Steve Hall, president and CEO of Duck Creek Technologies.

Accenture notes that FirstMark Capital was the only institutional investor in Duck Creek Technologies that experienced significant revenue and earnings growth since this initial investment in the company in 2005.

Read a related article at TMCnet “Nokia to Outsource Symbian (News - Alert) to Accenture.”

This article discusses cell phone giant Nokia’s recent deal to outsource its Symbian mobile operating system's software development to Accenture.

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Anuradha Shukla is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

Edited by Rich Steeves

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