Apax signs word corner try with Accenture
The private equity organisation Apax has bought a infancy interest in a partial of Accenture’s word program business, in a corner try aiming to gain on a rush by insurers to reinvent themselves with digital technology.
Under a understanding Apax will possess 60 per cent in Duck Creek Technologies, that sells billing, claims and process program to skill and misadventure insurers, with Accenture maintaining a residue of a company.
Other financial terms, such as a distance of a transaction, were not disclosed. Accenture creatively bought Duck Creek from try collateral investors in 2011.
Apax’s investment will be used to rise cloud-based program to sell to insurers who are scrambling to analyse increasingly vast sets of information for pricing risk.
“Over a past 5 years, Duck Creek has developed into a heading tellurian program resolution for tip insurers,” Jason Wright, a partner during Apax, said.
“Apax intends to build on this success by ancillary a stream government organisation to accelerate creation in partnership with Accenture and a poignant digital and word domain expertise.”
“We trust this corner try will be a diversion changer in a word record arena.”
Apax, that started as a try entrepreneur organisation in a 1980s though is now one of Europe’s biggest buyout groups with $38bn in funds, has invested $2.5bn of equity in record companies given 2008.
Its program investments have enclosed Sophos, a information confidence retailer that listed in London final year during a marketplace capitalisation of £1bn. The shares have depressed by a fifth in a year to date.
“Apax’s record of investing in technologies that turn category-leaders has done them an ideal partner in this venture,” pronounced John Cusano, conduct of Accenture’s tellurian word practice.
The Duck Creek understanding is a second corner try that Apax has sealed this year, after shopping a infancy interest in a respiratory business of BD, a medical record company, in March.
Private equity groups customarily cite to take finish control of their investments rather than enchanting in corner ventures, though generally in Europe are increasingly resorting to other understanding structures in response to a miss of classical buyout targets.
Competition among private equity groups for these classical targets has remained high, pushing adult prices, notwithstanding a slack in buyout debt financing markets during a commencement of a year.
By contrast, figure out unloved or capital-starved resources during large companies can mostly be cheaper and attract fewer rivals.
