Vista Equity Partners Completes Acquisition of Duck Creek Technologies

Boston, March 30, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies (“Duck Creek”), the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced the completion of its acquisition by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “With Vista’s global network and deep sector expertise, we will be better positioned to support and accelerate the industry’s transition to the cloud while continuing to deliver a best-in-class customer experience.”

“Duck Creek is a demonstrated leader in the P&C space, delivering innovative solutions that empower carriers to be faster and more nimble in servicing the digital needs of their customers,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “We look forward to partnering with Mike and the Duck Creek team as they continue to scale and define the future of P&C insurance technology.”

“We’re excited to welcome Duck Creek to the Vista ecosystem,” said Jeff Wilson, Managing Director at Vista. “Their commitment to excellence and innovation coupled with Vista’s experience in driving sustainable growth will take the business to new heights while delivering solutions that help carriers transform their business.”

Duck Creek has earned the right to partner with and provide its modern technology solutions to an esteemed list of leading carriers across the globe, including Berkshire Hathaway Specialty Insurance, Hollard Insurance, Northbridge Financial Corporation and Tokio Marine.

With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.

J.P. Morgan acted as financial advisor to Duck Creek, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Duck Creek.

Evercore acted as financial advisor to the Special Committee of the Duck Creek Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Special Committee of the Duck Creek Board of Directors.

RBC Capital Markets acted as financial advisor to Vista, and Kirkland & Ellis LLP acted as legal counsel to Vista.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are 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 we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

About Vista Equity Partners

Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Carley Bunch
Duck Creek Technologies
+1 (201) 962-6091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8798688

Hitachi Energy and Petrofac secure landmark offshore wind agreement worth approximately 13 billion euros

Largest framework agreement in Hitachi Energy company history, enabling long-term capacity expansion to accelerate the energy transition.Complementary technologies and expertise support TenneT’s offshore wind capacity expansion in the German and Dutch sectors of the North Sea.

Zurich, Switzerland, March 30, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, and Petrofac, a leading international service provider to the energy industry, have been selected by TenneT, the Dutch-German transmission system operator, to supply multiple offshore and onshore HVDC converter stations and associated infrastructure to accelerate the integration of bulk renewables into European power grids.

Hitachi Energy and Petrofac were awarded the multi-year framework agreement as part of TenneT’s ambitious offshore wind “2GW Program”1, based on high-voltage direct current (HVDC) technology pioneered by Hitachi Energy.

The agreement includes an initial commitment to deploy six record-breaking renewable integration systems, five of which will connect offshore wind farms to the Dutch grid and the sixth to the German grid. Each of these connection systems has a capacity of 2 gigawatts (GW) and a voltage level of 525 kilovolts (kV) – a world-first for offshore wind.

This landmark framework agreement is the largest ever for Hitachi Energy. It confirms the opportunity to innovate how state-of-the-art technology can be deployed effectively and how new business models enable the scale needed for the green energy transition. The framework agreement approach allows Hitachi Energy and Petrofac to plan in advance and increase their workforce and manufacturing capacity timely as well as train people to have the skills needed in the industry while also capturing synergies between successive projects to meet the in-service dates.

Hitachi Energy will supply its HVDC Light® converter stations, which convert AC to DC power offshore and DC to AC onshore. Petrofac will undertake the engineering, procurement, construction and installation (EPCI) of the offshore platforms and elements of the onshore converter stations.

The first contract under the framework, for the Ijmuiden Ver Alpha project, was awarded with immediate effect. The second, Nederwiek 1, is expected to be awarded later in the year. The framework also includes projects Doordewind 1, Doordewind 2, Nederwiek 3 and LanWin5, expected to be awarded over a 2024-2026 timeframe.

“This innovative business model will set the course for the integration of a huge amount of offshore wind power and gives visibility of the future.  In fact, we are already hiring to expand our global delivery capacity and effectively fulfill these and other orders,” said Niklas Persson, Managing Director at Hitachi Energy’s Grid Integration business. “We’re proud to be part of this journey and, along with our partner Petrofac, we are setting the benchmark for deploying offshore HVDC technology at scale and with speed.”

“Today’s announcement represents an exciting next step in Petrofac and Hitachi Energy’s collaboration. We have already secured key resource and the yard capacity required to expedite the first two projects in TenneT’s ground-breaking program,” said Sami Iskander, Petrofac’s Group Chief Executive. “By combining Petrofac’s industry-leading EPCI expertise and Hitachi Energy’s well proven technology, we look forward to supporting TenneT to connect larger, more effective wind farms to deliver affordable clean energy for millions of European homes.”

“TenneT has the technical know-how, scale, and geographical position to connect wind energy from the North Sea. This is one of the most important infrastructure projects of the century; the green transformation of the energy system is key for the decarbonisation of industry,” said Tim Meyerjürgens, COO of TenneT. “Together with our market partners, we are very proud to have achieved another important milestone. Together we secure decisive acceleration of the offshore grid development and set the course for the future European energy landscape.”

“The new long-term approach goes hand in hand with a fundamental change in values towards a strong partnership. This approach enables both sides with more flexibility, technological progress, and planning security,” said Marco Kuijpers, Director Large Projects Offshore of TenneT.  This benefits all parties and secures employment, growth, and the strengthening of supply chains. We can already see that our partners invest in extra resources and facilities.”

Hitachi Energy and Petrofac began working together in June 2022, to provide joint grid integration and associated infrastructure solutions to support TenneT’s 2GW Program.2

In the same year, Germany, the Netherlands, Denmark and Belgium agreed to install at least 65 gigawatts of offshore wind energy combined by 2030 announced with the inter-governmental Esbjerg Declaration.3 At 40 gigawatts, almost two-thirds of this capacity is accounted for by TenneT, with 20 gigawatts each in the German and Dutch North Sea sectors.

1 TenneT’s 2GW Program
2 Hitachi Energy and Petrofac to collaborate in growing offshore wind market
3 The Esbjerg Declaration

HVDC website:
https://www.hitachienergy.com/offering/product-and-system/hvdc

About Hitachi Energy Ltd.
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of approximately $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. We will solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems. Driven by green, digital, and innovation, we aim for growth through collaboration with our customers. The company’s consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

About Petrofac
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies.

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world’s evolving energy needs. Our four values – driven, agile, respectful and open – are at the heart of everything we do.

Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, Southeast Asia and the United States. We have 8,000 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC). For additional information, please refer to the Petrofac website at www.petrofac.com

Media contacts:
Jocelyn Chang
Global Head of Public Relations & Content Strategy
Hitachi Energy
jocelyn.chang@hitachienergy.com

Sophie Reid
Group Head of Communications
Petrofac
sophie.reid@petrofac.com

Attachment

Jocelyn Chang
Hitachi Energy
jocelyn.chang@hitachienergy.com

GlobeNewswire Distribution ID 8798527

Golden Jubilee Celebrations: UW’s Distinction in HEC Declamation Competition 2023

Lahore, March 30, 2023 (PPI-OT): Literary and Debating Club, University of Wah participated and outshined in “Inter-University Bilingual Declamation Competition-2023,” organized by HEC in connection to the Golden Jubilee Celebrations of the Constitution of Islamic Republic of Pakistan, at HEC, Islamabad on 22 March 2023. It is a matter of immense joy to share that among the students from more than 15 National and International Universities in Pakistan.

Ms. Gulrukh Ali, a student of BS Chemistry secured 3rd position in Urdu Declamation and was awarded a shield and a cash prize of Rs. 15,000/. Heartfelt felicitations to the winner and Literary and Debating Club-UW on this admirable achievement.

For more information, contact:
University of Wah
Quaid Avenue, Wah Cantt, Pakistan
Tel: +92-51-9157000, 905525256-7
Email: info@uow.edu.pk
Website: http://www.uow.edu.pk/Default.aspx

Diploma Programme in Corporate Law

Karachi, March 30, 2023 (PPI-OT): This programme was inaugurated on 21st March 2023 jointly between DHA Suffa University and International School of Business and law. It was well attended and the enthusiasm of the participants was expressed by the number of questions asked. The presentation given by Prof Iqbal Shafiq and Mr. Manzar Bashir Mamon was noteworthy

Schedule:

Duration 4 months. evening classes twice weekly.

Registration to be completed by 30th Apr 2023 Commencement of classes in middle of May.

A few words of thanks to the VC Eng. Prof Dr. Afzal Haque and the Administration of DHA Stuff a University for their cooperation

For more information, contact:
Manager Marketing,
DHA Suffa University (DSU)
DG-78, Off Khayaban-e-Tufail, Ph-VII (Ext.),
DHA, Karachi-75500, Pakistan
Tel: +92-21-35244871
Email: sabah.baloch@dsu.edu.pk
Website: www.dsu.edu.pk

Pakistan People’s Party Secretary General People’s Party Syed Nair Hussain Bukhari strongly condemned the terrorist attack on the police station in Lakki Marwat

Karachi, March 30, 2023 (PPI-OT): Secretary General of Pakistan People’s Party Syed Nair Hussain Bukhari has strongly condemned the terrorist attack on the police station in Lakki Marwat. Impure ambitions will not be allowed to be fulfilled under any circumstances. Security forces officers and men are national heroes who sacrifice their lives to protect the country and the nation. Deep sorrow and regret over the martyrdom of DSP Iqbal Mohmand and other officials of Nair Bukhari.

The whole nation acknowledges the sacrifices of the martyrs and is an equal participant in the grief of the bereaved. Nair Bukhari prayed for the elevation of the ranks of the martyrs and for the patience of the bereaved.

For more information, contact:
PPP Media Cell (Sindh)
Pakistan People’s Party (PPP)
Peoples Secretariat Shikarpur Colony,
Behind Mazar-e-Quaid-e-Azam, Karachi, Pakistan
Cell: +92-305-3370383
Email: contact@ppp-tu.com
Website: https://www.ppp.org.pk

Foreign Minister, Bilawal Bhutto Zardari hosts Interfaith Iftaar Dinner for Islamabad-based Diplomatic Corps

Karachi, March 30, 2023 (PPI-OT): Foreign Minister of Pakistan and Chairman Pakistan People’s Party, Bilawal Bhutto Zardari addressing an Iftar dinner hosted by him at the Ministry of Foreign Affairs for Islamabad-based Diplomatic Corps said that the holy month of Ramadan is one in which Muslims all over the globe observe fasting. These efforts as Muslims are supposed to encourage us towards feeling for those that are less fortunate, less privileged and who do not enjoy access to regular food and luxuries that are usually taken for granted.

Addressing representatives from around the world, FM Chairman Bilawal said that there are people in all our societies, not particularly in Pakistan who are facing incredibly difficult times. He further said that he is ready to accept that a lot of the difficulties are of ‘our’ own making, referring collectively to the economic policies adopted by the previous government. We are facing economic consequences of certain decisions that are not in our control. The people are facing the devastating impact of a climate catastrophe in the face of floods, in the occurrence of which they played little to no role at all. The younger generation especially, is facing the consequences of decisions that they did not make. The economic quagmire that has been caused by the Covid-19 pandemic is not only faced by Pakistan, but the entire world. The geopolitical situation in the world as well has added to the growing list of consequences faced by the globe.

In this particular month, we are reminded that it is probable that the consequences of our actions are faced by those who are perhaps not as empowered as we are. Therefore, we have the opportunity through which we can positively affect the lives of those who are less fortunate. It should be our collective effort that we make it a point to minimize to the utmost extent, the burden that is on the shoulders of the underprivileged.

Chairman Bilawal commended the efforts of the federal minister for the Benazir Income Support Programme, Shazia Marri towards eradicating poverty as the head of the first and only safety net for the poorest of the poor, especially women in particular. We have witnessed the incredible services rendered as a result of the BISP’s existence during the Covid-19 pandemic to bolster the dwindling hopes of the people. When the floods came, the most effective means of getting support to the vulnerable was through the BISP.

As we are persevering through the economic turmoil while the finance ministry is still in talks with the IMF as well as having the monumental task of rehabilitating flood victims ahead of us, this government is consistently trying within the space that it has, to provide the most benefits to those at the bottom of the pyramid, Foreign Minister Chairman Bilawal Bhutto Zardari said. FM Chairman Bilawal expressed his gratitude to the international community as well as the ambassadors in attendance for the support provided to the country within their personal and professional domains.

For more information, contact:
PPP Media Cell (Sindh)
Pakistan People’s Party (PPP)
Peoples Secretariat Shikarpur Colony,
Behind Mazar-e-Quaid-e-Azam, Karachi, Pakistan
Cell: +92-305-3370383
Email: contact@ppp-tu.com
Website: https://www.ppp.org.pk