Apax, the private equity group has bought a majority stake in a part of Accenture’s insurance software business.

This deal will give Apax 60 per cent of Duck Creek Technologies – a company that Accenture originally bought from venture capital investors in 2011. Duck Creek Technologies is a company dedicated to sell billing services, claims and policy software to property and casualty insurers.

Apax will use Duck Creek to develop cloud-based software to sell to insurers. Jason Wright, a partner at Apax said: “Over the past five years, Duck Creek has evolved into a leading global software solution for top insurers. We believe this joint venture will be a game changer in the insurance technology arena.”

With more than thirty years of experience, Apax is one of the world’s biggest buyout groups with $38bn in funds.

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