Kirkland & Ellis LLP advised Accenture (NYSE: ACN) on the formation of a joint venture with Apax Partners, a leading global private equity firm, to accelerate the innovation of claims, billing and policy administration software for the insurance industry. As part of the joint venture, funds advised by Apax will acquire a 60 percent stake in Accenture’s Duck Creek Technologies, with Accenture retaining a 40 percent stake. The joint venture will operate as a new and independent company. The transaction, which is subject to customary closing conditions, is expected to close toward the end of Accenture’s 2016 fiscal year, which ends Aug. 31. Financial terms of the transaction were not disclosed. More information about the transaction is available here.
The Kirkland team was led by corporate partners David Feirstein, Sarkis Jebejian and Ravi Agarwal and associate Elizabeth Freechack; intellectual property partners Seth Traxler and Aaron Lorber; tax partner Sara Zablotney and tax associate Meg Dewar.