Boston, MA, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Duck Creek Technologies, Inc. (Nasdaq: DCT), a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, announced today that it and certain of its stockholders have commenced a proposed underwritten public offering of a total of 8,000,000 shares of Duck Creek’s common stock, including 7,920,000 shares to be offered by the selling stockholders and 80,000 shares to be offered by Duck Creek. Additionally, the selling stockholders expect to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Duck Creek’s common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
Duck Creek intends to use the net proceeds from this offering to pay certain costs, fees and expenses incurred in effecting the registration of its common stock covered by the prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of its counsel and its independent registered public accountants. Duck Creek expects to use any remaining net proceeds from this offering for general corporate purposes. Duck Creek will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are serving as lead book-running managers for the proposed offering.
A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Duck Creek
Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
