Global professional services company Accenture and Apax Partners, a global private equity firm, have agreed to form a joint venture 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, according to a statement.

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.

Duck Creek Technologies will gain access to substantial capital and management expertise through Apax Partners, enabling further investment to fuel rapid expansion of Duck Creek products and capabilities—particularly Duck Creek On-Demand, a native Software as a Service capability delivered through the cloud.

Duck Creek’s senior management is expected to join the new joint venture, along with approximately 1,000 insurance and insurance software specialists.

Mike Jackowski, president of Duck Creek Technologies, will become CEO of the joint venture.