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Duck Creek Technologies Announces Proposed Secondary Offering of Common Stock

November 9, 2020

Boston, MA, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Duck Creek Technologies, Inc. (Nasdaq: DCT) (“Duck Creek”), a provider of SaaS-delivered enterprise software to the property & casualty (“P&C”) insurance industry, announced today that certain of its stockholders have commenced an underwritten public offering of 8,000,000 shares of Duck Creek’s common stock. 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 is not selling any shares in the offering and will not receive any of the proceeds from the sale.

J.P. Morgan, Goldman Sachs & Co. LLC 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.

The proposed offering will be made only by means of a prospectus. Before you invest, you should read that prospectus and other documents Duck Creek has filed with the SEC for more complete information about Duck Creek and this proposed offering. Copies of the preliminary prospectus relating to the proposed offering may be obtained, when available, for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained for free from the offices of 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; 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; 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.

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 and timing of the proposed secondary 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 it may be amended from time to time, and Duck Creek’s latest Annual Report on Form 10-K, including under the caption “Risk Factors,” and Duck Creek’s subsequent filings with the SEC.  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
Brian.denyeau@icrinc.com

Media Contact:
Paul Rechichi
Racepoint Global
617 624 3295
prechichi@racepointglobal.com

Sam A. Shay
Duck Creek Technologies
857 201 5784
sam.shay@duckcreek.com

 
Sam A. Shay Duck Creek Technologies
+1 (857) 201-5784
sam.shay@duckcreek.com

 

Source: Duck Creek Technologies