Press Release

Pequot Ventures Invests in Duck Creek

Financing to accelerate growth and strengthen commitment to customer excellence

Bolivar, MO, May 11, 2005 – A leading provider of rating and policy administration software for the insurance industry, Duck Creek Technologies, Inc., announced today the completion of its first institutional financing led by Pequot Ventures, the direct investment arm of Pequot Capital Management. Larry Lenihan, Managing General Partner, and Deborah Bernstein, Senior Vice President, at Pequot Ventures have joined Duck Creek’s board of directors. Duck Creek will use the funding to meet the growing demand for its products and services and to further enhance customer relationship capabilities.

“After spending a year evaluating the policy administration market, Pequot Ventures concluded that Duck Creek stood apart from the crowd. They have a unique offering,” explains Larry Lenihan. “Duck Creek is the only vendor that created a solution from the inside, out. They built a core product management engine first so they can deliver insurance functionality for any line of business to any distribution channel now, or in the future. Their competition took a silo approach in delivering a specific need for a specific line of business”

Deborah Bernstein adds, “We believe the combination of Duck Creek’s innovative products, their strong management team and their commitment to customer excellence uniquely positions Duck Creek to capitalize on this massive market opportunity.”

“We’re excited to have Pequot Ventures as an investor and appreciate their confidence in our products and people,” comments Doug Roller, Duck Creek's CEO. “Their domain expertise in insurance, deep financial resources and proven track record make Pequot an ideal partner for Duck Creek. The financing will help us to continue to exceed our customers’ expectations, increase our sales, marketing and services resources and accelerate the development of new products. We look forward to a long and successful relationship with Pequot.”

Over the last 12 months, Duck Creek has announced significant customer wins, including: Mercy Health Plans, Hastings Mutual and American National Property and Casualty Company. And, existing customers, such as Concord Group Insurance and Balboa Insurance Group, have further expanded their usage of Duck Creek's products.

About Pequot Ventures

Pequot Ventures is the direct venture investment arm of Pequot Capital Management, Inc., an investment firm focused on today's most dynamic startup and growth stage companies in the technology, telecommunications, defense and healthcare sectors. Pequot Ventures creates value by bringing energy and substantial sector expertise to its portfolio companies through the collective intellectual capital, deep operating experience and extensive network of its investment team. The firm leverages its unique multi-billion dollar presence across both public and private equity markets to help build competitive, sustainable businesses in fast changing environments throughout their lifecycle.

Pequot Ventures accomplishes this goal in close partnership with the founders and management team of its portfolio companies. For more information, please visit www.pequotventures.com.

About Duck Creek Technologies

Headquartered in Bolivar, Missouri, Duck Creek Technologies enables regional and national insurance carriers and other participants in insurance distribution to define and develop rating, underwriting, and policy processing services. Duck Creek works with all business lines and can help deploy products to the Web and to all other points on the product value chain. The EXAMPLE Platform™ supports all aspects of product definition, including data capture, rating, rules, interview screens, documentation, workflow, and transactions. Clients use the platform for a wide variety of purposes including full policy processing, submission processing, and black-box rating for both batch and interactive environments. A Microsoft Gold Certified Partner, Duck Creek was founded in January 2000 and has an East Coast office in Farmington, Connecticut.

For more information, visit http://www.duckcreektech.com or call 866-DUCK-TEC.

Contact:
Melinda Burnett
burnetme@duckcreektech.com
417-328-5339

 

-####-

All trademarks appearing in this news release are the property of their respective owners.