Vista Equity Partners Management, LLC entered into a definitive agreement to acquire Duck Creek Technologies, Inc. (NasdaqGS:DCT) from a group of shareholders for $2.6 billion on January 8, 2023. Under the terms of the agreement, Duck Creek shareholders will receive $19 per share in cash. Vista Equity Partners intends to finance the transaction with fully committed equity financing that is not subject to any financing condition. The agreement includes a “go-shop” period expiring on February 7, 2023, which allows Duck Creek to actively initiate, solicit and consider alternative acquisition proposals from third parties. Upon completion of the transaction, Duck Creek's common stock will no longer be publicly listed, and Duck Creek will become a privately held company. The transaction is subject to approval by Duck Creek's stockholders, U.S. antitrust clearance and customary closing conditions. Following the recommendation of the Special Committee, the Duck Creek Board of Directors approved the merger agreement with Vista Equity Partners. As of February 8, 2023, Duck Creek announced the expiration of the 30-day "go-shop" period. The transaction is expected to close in the second calendar quarter of 2023.

J.P. Morgan acted as financial advisor and Ann Beth Stebbins, Frederic Depoortere, Thad Hartmann, Victor Hollender, Stuart D. Levi, Maria Raptis, Erica Schohn, David E. Schwartz, Evgueni Gokhmark and Michael Cardella of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Duck Creek. Evercore acted as financial advisor and Laura C. Turano, Matthew W. Abbott, Andre G. Bouchard and Scott A. Barshay of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to the Special Committee of Duck Creek. David M. Klein, Daniel E. Wolf, Stuart E. Casillas, Chelsea N. Darnell, Ari Levi, Sonali S. Jindal, Austin G. Glassman, Robert Goedert, Rohit A. Nafday, Daisy Darvall, John Lynn, David C. Kung, Heidi Yuen, Marin Boney, Mark Gardner of Kirkland & Ellis LLP acted as legal advisor to Vista Equity Partners. JPMorgan Chase & Co. (NYSE:JPM) acted as Fairness Opinion Provider to Duck Creek Technologies, Inc. Evercore Group L.L.C acted as Fairness Opinion Provider to Duck Creek Technologies, Inc. J.P. Morgan Securities LLC, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as due diligence providers to Duck Creek. Duck Creek has retained Innisfree M&A Incorporated as its proxy solicitor. Innisfree will receive an estimated fee not to exceed $45,000 plus reimbursement of its reasonable, out-of-pocket expenses for its services. For financial advisory services rendered in connection with the Merger, Duck Creek has agreed to pay J.P. Morgan an estimated fee of approximately $21 million, $1.5 million of which became payable to J.P. Morgan at the time J.P. Morgan delivered its opinion and the remainder of which is contingent and payable upon the consummation of the proposed Merger. Pursuant to the terms of Evercore's engagement letter with the Special Committee, Duck Creek has agreed to pay Evercore a fee for its services in the amount of approximately $21.3 million, of which $1.5 million came due upon delivery of Evercore's opinion, and the balance of which will be payable contingent upon the consummation of the Merger. RBC Capital Markets acted as financial advisor and Alex Pujol of Gómez-Acebo & Pombo Abogados, S.L.P. acted as legal advisor to Vista.

Vista Equity Partners Management, LLC completed the acquisition of Duck Creek Technologies, Inc. (NasdaqGS:DCT) from a group of shareholders on March 30, 2023. With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market. Kaplan, Andrew of Gibson, Dunn & Crutcher LLP acted as legal advisor to Accenture plc (NYSE:ACN).