M&A · Tech · Services-Prepackaged Software
Vista Equity Partners to acquire Duck Creek Technologies, Inc.
Announced Jan 9, 2023 · Closed Mar 30, 2023
Deal value$2.60BEV $2.27B
Premium46.0%To unaffected price
EV / Adj. EBITDA—7.3x EV / Revenue
ConsiderationAll cash$19.00 per share
Transaction
- Acquirer
- Vista Equity Partners
- Target
- Duck Creek Technologies, Inc. (DCT)
- Buyer type
- Private equity
- Offer price per share
- $19.00
- Enterprise value
- $2.27B
- Status
- Closed Mar 30, 2023
Deal protections
- Break fee (target pays)
- $78.3M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- RBC Capital Markets
- To the target
- JPMorgan, Evercore
- JPMorgan fee
- $21.0M
- Evercore fee
- $21.3M
Sector context · Tech
- Comparable deals
- 71 in the prior 24 months
- Premium
- 46.0% vs. 36.0% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedJan 9, 2023
- Proxy filedFeb 16, 2023
- Definitive proxyFeb 28, 2023
- Shareholder voteMar 28, 2023
- ClosedMar 30, 2023
Valuation · fairness opinions
Trading comparablesJPMorgan$12.30$18.80
Precedent transactionsJPMorgan$12.30$24.00
Discounted cash flowJPMorgan$14.60$20.10
Discounted cash flowEvercore$10.25$17.15
Trading comparablesEvercore$10.95$18.80
Trading comparablesEvercore$10.85$19.95
Analyst price targetsEvercore$11.00$22.00
Analyst price targetsEvercore$10.95$23.10
Offer $19.00
Implied value per Duck Creek Technologies, Inc. share by analysis, from JPMorgan and Evercore · DCF discount rate 9.25%–10.25%.