Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Prima Solutions on the sale of Prima XL, France-based Prima Solutions’ flagship commercial reinsurance technology solution, to Duck Creek Technologies (NASDAQ: DCT; Duck Creek), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. The transaction terms also include an agreement to sell Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace. The transaction was led by Julien Oussadon and Luke Clifford of the Harris Williams Technology Group.
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“The combination of Prima XL with Duck Creek’s large customer base presents strong cross-sell opportunities and creates a powerful global platform of scale in the reinsurance software space,” said Julien Oussadon, a managing director at Harris Williams.
“Throughout the sale process, Harris Williams provided outstanding support and advice to Prima Solutions. The team was pivotal in successfully positioning Prima XL and Prima Compliance, leading to an exceptional outcome. We look forward to watching the two platforms increase their leadership positions in their respective markets,” said Julien Victor, previously CEO of Prima Solutions, who has joined Duck Creek as managing director, reinsurance management.
Prima XL is a powerful, intuitive, cloud-based reinsurance software that collects, centralizes, and analyzes all data for insurers, reinsurers, and brokers. Prima XL tracks all the information related to reinsurance policies (treaties and facultative policies, claims, incidents, accounting data, technical data, auxiliary data, financial data, and more), allowing insurance businesses to manage all of their policies from underwriting to commutation and renewals. Prima XL is a flexible solution tailored to international organizations using multiple currencies and multiple GAAP requirements.
Prima Compliance is a cloud platform for managing regulatory compliance to satisfy Europe’s Solvency II directive. Combining actuarial calculations (Solvency II Pillar 1) and internal regulatory reporting at the national and European levels (Solvency II Pillar 3), Prima Compliance is a secure, all-in-one solution that is always compliant with Solvency II regulations, giving insurance organizations peace of mind when it comes to European regulatory compliance.
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Duck Creek is the intelligent solutions provider defining the future of the P&C and general insurance industry. The company is the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and it believes insurance should be there for individuals and businesses when, where, and how they need it most. The company’s market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Technology Group advises leading private and public companies, founders, and private equity, growth equity and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The Technology Group has deep domain expertise in software and technology-enabled services and dedicated focus areas across a variety of vertical software applications and end markets. For more information on the Technology Group and its recent transactions, visit the Technology Group’s section of the Harris Williams website.
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