Insurance technology provider has until Feb. 7 to accept other offers during so-called sales period
Vista Equity Partners has agreed to pay about $2.6 billion in cash to buy insurance technology provider Duck Creek Technologies Inc.
Vista is paying $19 per share for the Boston-based company, or a 46 percent premium to its closing share price on Jan. 6, according to a company statement.
Duck Creek is among the insurance-focused technology firms, or insurance technology providers, that have gone public in recent years and that analysts and investors see as takeover candidates because of a sharp sell-off in their stock
Duck Creek shares rose 47 percent to $19.12 at 9:32 a.m. Monday in New York City trading, bringing its market value to about $2.6 billion.
Duck Creek provides software to property and casualty insurers for underwriting, claims management, billing and payments.
Vista has been one of the most active buyers of private company technology, having struck deals last year with the likes of KnowBe4 Inc. and Avalara Inc.