Acquisition seals partnership already in place; allows for continued growth in the European market
Duck Creek Technologies, Inc., a provider of innovative software and services to the insurance industry, announced today its expansion through the completed acquisition of Duck Creek Technologies Europe Ltd. (Duck Creek Europe).
Duck Creek Europe was founded in 2007 to introduce Duck Creek's modern rating, policy administration and billing solutions to the European insurance industry. The two entities have worked closely together during Duck Creek Europe's start-up phase, collaborating on both product development and delivery. Over the past two years, Duck Creek Europe has gained significant market traction, signing six customers including AXA UK, one of the largest carriers in Europe, as well as two other tier-1 carriers.
"We've found that European carriers are facing the same challenges as our US and Canadian customers. They must have the ability to adapt quickly to market changes and new opportunities," stated Steve Hall, Duck Creek's President and CEO. "Our solutions are a great match for their needs, whether they are start-ups or established carriers processing billion-dollar books of business."
AXA UK selected Duck Creek's policy administration and billing solutions to replace its legacy Commercial Lines system. "We wanted an off-the-shelf solution that provided us with both flexibility and speed to market," said Morgan Spillane, IT and Change Management Director for AXA. "We also wanted a partner who could collaborate with us in an agile delivery model, and Duck Creek met all of these needs. This acquisition will help strengthen our relationship."
"I'm proud of the work that the Duck Creek teams have done to move forward as a united corporation. We have worked closely together for the last three years and know this will be a seamless transition," stated Tony O'Halloran, Managing Director of Duck Creek Europe. "We look forward to our continued success."