Duck Creek Technologies, a Boston-based software provider for property and casualty insurers has secured $230 million in new funding.
The investment was led by Kayne Anderson Rudnick Investment Management and Whale Rock Capital Management. The comes on the heels of the company's $120 million financing round in December last year.
At the time, Duck Creek also announced that it had confidentially filed draft registration for an IPO. It did not disclose any details regarding the number of shares it would offer or the price range.
“Our platform’s performance, particularly during these recent months, has shown the industry that SaaS can deliver new levels of value," said CEO Michael Jakowski said in a statement. "We see growing opportunity for Duck Creek as more insurers accelerate their adoption of SaaS solutions for their core systems.”
Founded in 2000, the company's suite of tools provides insurers like American International Group, Zurich Insurance Group, with policy administration, billing, claims, analytics, industry content, distribution management and reinsurance management.
The company will direct the proceeds of the round into its business growth, product development and international expansion. It will also repurchase equity from certain existing investors.
