NEW YORK, NY / ACCESSWIRE / August 2, 2022 / Headquartered in Boston Massachusetts, Duck Creek Technologies, Inc. ("Duck Creek Technologies," or the "Company") is a Software-as-a-service (SaaS) company that develops industry-specific software that helps insurance carriers to deploy and manage their products and services. Specifically, the company provides core systems to the property and casualty (P&C) insurance industry through its cloud offering, Duck Creek OnDemand. The Company was founded in Boston, Massachusetts in 2000 and became a Delaware corporation in November 2019. On August 14, 2020, the Company went through its initial public offering at a public offering price of $27.00 per share for net proceeds of $429.2 million. As of today, the price of the Company's common share is at $13.99, only about half of the public offering price.
On June 30, 2022, the Company reported its quarterly report on Form 10-Q with the SEC, reporting its financial results for the quarter ended May 31, 2022 (the "Quarterly Report"). The Quarterly Report reported that the adjusted income from operates dropped from $4.8 million a year ago to $1.8 million; the adjusted earnings per share dropped from $0.03 in the third quarter of 2021 to $0.01; the adjusted EBITDA dropped to $2.41 million, a 56.5% decline compared to a year ago. On this news, the Company's shares fell nearly 3.3% to $14.36 the next day.
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