Global investment firm Vista Equity Partners is set to take property and casualty (P&C) insurance software provider Duck Creek Technologies private in an all-cash transaction valued at approximately $2.6bn.

Duck Creek shareholders will receive $19 per share in cash, a 46% premium to its final close on January 6, 2023, and a premium of approximately 64% over the volume weighted average price of its stock for the 30-days ending January 6, 2023.

The agreement also includes a “go-shop” period that ends February 7, which allows the Duck Creek board to solicit other proposals.

Boston-based Duck Creek provides cloud-based P&C solutions to its customers, including Berkshire Hathaway Specialty Insurance and American International Group Inc.

With more than $95 billion in assets under management, Vista has participated in some of the biggest enterprise deals over the past year, including Citrix which Vista partnered with Evergreen Coast Capital, an affiliate of Elliott Investment Management, in a $16.5 billion deal in September 2022.

The investment firm also acquired automated tax compliance company Avalara for $8.4 billion last October.

The Duck Creek deal is expected to close in the second quarter of the year.