The Northern Venture Capital Trusts (Northern VCTs), managed by Mercia Asset Management PLC (Mercia), today announce that portfolio company Send Technology Solutions (Send) has agreed to be acquired by Duck Creek Technologies, a leading global provider of intelligent solutions for the property and casualty insurance industry.
The acquisition marks another successful exit for the Northern VCTs and reinforces the value of backing ambitious UK software businesses solving complex, mission-critical challenges for global industries.
The Northern VCTs first invested in Send in 2022 and continued to support the business in 2024, enabling the management team to invest in product development and commercial growth as the market opportunity evolved.
Send built a specialist underwriting workbench that enables (re)insurers and managing general agents to manage both delegated authority and direct business through a single platform. Its technology has become increasingly valuable as insurers seek to modernise operations and manage increasingly complex underwriting environments.
Duck Creek’s acquisition reflects the strategic importance of Send’s technology, providing the US-headquartered business with an immediate presence in the London market while enhancing its underwriting capabilities and expanding its global product offering.
Hugo Lough, Investment Director, said: “Send and its founders embody the type of business we love to support at Mercia Ventures. They are solving a large, complex problem and have deep domain expertise. It has been a delight to partner with the team and play a small role in helping them to solve an objectively challenging market need. The acquisition provides substantial resources and distribution to help bring Send’s solution to more customers.
The Northern VCTs supported Send through its growth journey, providing capital and backing the management team’s long-term vision. This transaction demonstrates the value that can be created by combining ambitious founders with investors who understand the dynamics of specialist B2B software markets.”
Over recent years, the Northern VCTs have developed significant experience investing in enterprise software businesses serving highly regulated sectors. These markets require deep domain expertise, resilient technology and management teams capable of navigating long sales cycles and demanding customer environments.
Mercia believes these characteristics continue to create compelling investment opportunities despite wider market uncertainty around software valuations. Businesses developing differentiated, mission-critical platforms remain highly attractive to strategic acquirers seeking to accelerate innovation and enter new markets.
The acquisition of Send further demonstrates the Northern VCTs’ approach of identifying businesses with the potential to become category leaders within specialist sectors, supporting them with patient capital and strategic guidance as they scale.
For ambitious founders building the next generation of enterprise software businesses, particularly within regulated markets such as insurance, the Northern VCTs continue to actively seek investment opportunities where specialist knowledge, long-term partnership and growth capital can help unlock significant value.
Andy Moss, Chief Executive Officer of Send, said: “Joining Duck Creek marks an exciting new chapter for Send. Our team has built a platform that addresses some of the insurance industry’s most complex operational challenges, and becoming part of Duck Creek will enable us to bring those capabilities to a broader global customer base.
The Northern VCTs have been a supportive investor throughout our journey, backing both our strategy and our ambition to build a market-leading business.”