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(Reuters) — Duck Creek Technologies, which serves some of the biggest clients in the property/casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurtech said Monday.
The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close.
Shares in the company, which lost roughly 60% of their value last year, were up 44% at $18.73 in premarket trading after the deal was announced.
Duck Creek provides cloud-based property/casualty solutions to its customers, including Berkshire Hathaway Specialty Insurance and American International Group Inc.
Vista Equity is a global investment firm focused on enterprise software, data and technology-enabled businesses.
The deal terms include a “go-shop” period that expires Feb. 7; until then the company's board can solicit and consider alternate proposals.
Private equity firms have lately ventured into the insurance sector to take advantage of defensive business models that do better in times of economic uncertainty in comparison with other financial sectors.
Duck Creek expects the deal to close in the second quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.