Global management consulting, technology services and outsourcing company Accenture Plc (NYSE: ACN) has entered into an agreement to acquire Bolivar-based insurance software company Duck Creek Technologies, according to a news release.
Financial terms of the transaction - which is expected to close within 30 days - were not disclosed.
Accenture, incorporated in Dublin, Ireland, has offices in New York City, St. Louis and Kansas City, Kan., among others. Privately held Duck Creek sells products primarily to property and casualty insurance carriers.
"The combination of Duck Creek’s and Accenture’s P&C software will create one of the most robust and comprehensive platforms available in the market," Duck Creek President and CEO Steve Hall said in the release. "The two companies will bring together a powerful set of industry skills, technology services and implementation capabilities for P&C insurance clients, who will also benefit from additional experience, scale and (research and development) investment."
In July 2010, Duck Creek acquired Duck Creek Technologies Europe Ltd., a separate entity founded in 2007 to introduce the company's products to the European market. The move expanded the company's reach, which already included offices in South Carolina, Connecticut and Canada in addition to its Bolivar headquarters, according to
Springfield Business Journal archives.
Duck Creek, which was founded in 2000, posted 2010 revenues of $40.3 million.
Accenture Property & Casualty Insurance Services, managed by Accenture's Financial Services operating group, serves more than 70 property and casualty insurance clients worldwide.
"Duck Creek is a leader in the P&C policy administration market, as demonstrated by its customer base and its sales momentum," said John DelSanto, global managing director of Accenture's insurance practice, in the release. "This acquisition further demonstrates Accenture’s ongoing commitment to providing differentiated software platforms for the insurance industry, supported by valuable and cost-effective software maintenance and upgrade services."
Accenture reported net income of $669 million in its third quarter ended May 31, a 24 percent increase compared to third-quarter 2010 net income of $564 million. The company serves clients in more than 120 countries, according to a separate news release.
Accenture shares were trading at $60.85 as of 11:19 a.m., compared to a 52-week range of $36.45 to $63.66.[[In-content Ad]]
