After 5 years of helping build and scale Next Gear into a global and multi-line business, Serent sells Next Gear and rolls equity into the combined platform
AUSTIN, Texas & SAN FRANCISCO, September 17, 2021--(BUSINESS WIRE)--Next Gear Solutions, a market leader in digital workflow platforms and solutions for the property restoration industry backed by Serent Capital, has been acquired by CoreLogic, a leading global property information, analytics and data-enabled solutions provider. The combination of Next Gear and CoreLogic's Claims Connect platforms and tools provides insurance carriers and contractors a compelling choice to enhance and transform the claims experience for policyholders. As part of the transaction, Serent Capital and Next Gear shareholders, including Founder Garret Gray, will roll equity and become significant investors in CoreLogic.
Next Gear Solutions is a leading workflow platform provider for property restoration. Next Gear Solutions is the platform property insurers and restoration contractors trust to modernize their claims handling workflow. Next Gear's cloud-based suite of market leading products, such as DASH, SettleAssist, and MICA, have transformed the way property insurers and contractors collaborate, driving better outcomes for those experiencing a property loss.
"When I first founded Next Gear, I hoped to bring leading edge software solutions to an industry mired in pen-and-paper," stated Garret Gray, Founder and CEO of Next Gear Solutions. He continued, "When we chose Serent as our partner, we hoped to take Next Gear to a new level by expanding the breadth of our offerings, accelerating our growth, and expanding our team. We have achieved those goals and then some. Now, Next Gear is ready for its next chapter as part of CoreLogic and to work with all industry participants to ensure the market has expanded options."
"It has been an honor to work alongside the Next Gear team since 2016," shared Stewart Lynn, Partner at Serent Capital. "Since we first partnered with Garret, Next Gear has scaled and changed the restoration property and insurance industries. The company meaningfully added go-to-market resources, added six new senior executives in new roles, and executed five transformative acquisitions. The past five years have been special, but we believe the future is even brighter for Next Gear as part of CoreLogic."
During Serent’s investment period, Next Gear completed five acquisitions, including the acquisitions of ClientRunner (2016), LuxorCRM (2017), Mica (2017), Moisture Mapper (2018), and Accurence (2019). Next Gear Solutions represents one of more than 20 of Serent's investments in the field services market, including Real Green (now part of WorkWave), CoConstruct (now part of Buildertrend), Davisware, and LMN.
Jefferies LLC served as exclusive financial advisor and both Kirkland & Ellis LLP and Wilson Sonsini Goodrich & Rosati served as legal counsels to Next Gear.
About Serent Capital
Serent Capital invests in growing businesses with compelling solutions that exceed customer needs. As businesses grow and evolve, the opportunities and challenges they face change with them. The principals at Serent Capital have firsthand experience navigating growth through their experiences as CEOs, strategic advisors, and board members to successful businesses. Serent leverages their expertise and capital to help growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.
CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
About Next Gear Solutions
Next Gear Solutions is the preferred partner of managed repair networks, franchisors, contractors, and insurance carriers looking to run a consistently smarter business. Its range of mobile job management, damage documentation, and estimate auditing tools are used by 8,700-plus restoration companies across North America and a majority of the nation's 25 largest insurance carriers. To learn more about Next Gear Solutions, visit www.nextgearsolutions.com or follow Next Gear Solutions on LinkedIn.
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