PUBLISHED ONAugust 07, 2020 12:00 PM
Boston, Aug. 07, 2020 (GLOBE NEWSWIRE) -- Boston, August. 7, 2020 (GLOBE NEWSWIRE) -- Duck Creek Technologies, Inc. (“Duck Creek”), a provider of SaaS-delivered enterprise software to the property and casualty (“P&C”) insurance industry, announced today that it has launched its initial public offering of 15,000,000 shares of its common stock. The initial public offering price is expected to be between $19.00 and $21.00 per share, before underwriting discounts and commissions. In addition, Duck Creek expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Duck Creek has applied to list its common stock on the Nasdaq Global Select Market under the symbol "DCT."
Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are serving as lead book-running managers for the proposed offering. Barclays and RBC Capital Markets are also acting as book-running managers for the proposed offering. JMP Securities, Needham & Company, Stifel, William Blair, D.A. Davidson & Co, Raymond James and Loop Capital Markets are acting as co-managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained, when available, for free by visiting EDGAR on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained for free from the offices of Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 Wall Street, New York, New York 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; or BofA Securities, Inc., Attn: Prospectus Department, 200 North College Street, 3rd floor, Charlotte, NC 28255 or by email at dg.prospectus_requests@bofa.com. 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.
A registration statement relating to these securities has been filed with 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.
Forward Looking Statements
This press release includes certain disclosures which contain "forward-looking statements." You can identify forward-looking statements because they contain words such as "believes" and "expects." Forward-looking statements, including statements regarding the size, timing and expected price range of the initial public offering, are based on Duck Creek’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Duck Creek's registration statement on Form S-1, as amended from time to time, including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. Duck Creek undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws.
Investor Contact:
Brian Denyeau
ICR
646-266-1251
Media Contact:
Paul Rechichi
Racepoint Global
617 624 3295
Sam A. Shay Duck Creek Technologies +1 (857) 201-5784 sam.shay@duckcreek.com