Serent Capital Portfolio Company Next Gear Solutions Acquires Accurence
AUSTIN & SAN FRANCISCO — Serent Capital, a private equity firm with offices in Austin and San Francisco focused on investing in high-growth technology and services businesses, announced that its portfolio company Next Gear Solutions has acquired Accurence, the provider of SettleAssist, QualityAssist, ScopeAssist, and National Water Prime products to the restoration industry. Accurence’s platform improves workflow management, limiting costs for contractors and insurance carriers by reducing inefficiencies, inconsistencies, and liability concerns often related to the claims process.
The acquisition combines Accurence’s leading solutions with Next Gear’s growing product suite, expanding Next Gear’s commitment to provide the best and most compelling set of job management solutions to the restoration market. “This is an exciting moment for both companies,” said Garret Gray, Founder and CEO of Next Gear Solutions.
“Jake Labrie co-founded Accurence, assembled a great team, and built very innovative solutions for claims stakeholders over the years. We're excited to join forces with him and his team to create one of the most dynamic, proficient, and customer-focused team in the industry. One of our primary goals is to reduce the number of apps contractors have to learn by integrating these specialized systems into a simplified user experience. Contractors and carriers will see big things from this collaboration.”
"Our customers seek first-class solutions from partners that add value to their claims processes," said Jake Labrie, previous President of Accurence and now Next Gear's President of Carrier Solutions. "Together, our passionate teams continue to listen to and lead the industry in that pursuit, ultimately delivering benefits to what matters most after a property loss – the policyholder."
“We have been privileged to partner with Garret and the Next Gear team these past three years and the Next Gear-Accurence combination underscores our continued belief in this dynamic team and the market opportunity to drive meaningful efficiency throughout the property claims workflow,” said Stewart Lynn, Principal of Serent Capital. “We have studied the property claims restoration space for a number of years now and have yet to find as compelling a story as a combined Next Gear Solutions and Accurence offering.”
This is Next Gear’s fifth acquisition since Serent Capital’s initial investment in February 2016. Next Gear acquired ClientRunner in July 2016, Luxor CRM in December 2016, MICA in July 2017, and Moisture Mapper in January 2018.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.
About Next Gear
Next Gear Solutions, based in Oxford, Mississippi, was formed in 2008 with a mission to take restoration companies paperless, automate their workflow, and bring efficiency to the entire business operation. Since 2009, Next Gear’s software suite has grown to include solutions for managed repair networks, franchisors, and insurance carriers, including products such as DASH, MICA, Moisture Mapper, and LuxorCRM. Next Gear is the leading technology solution for the restoration industry, addressing both contractor and carrier workflow needs through process automation. Next Gear serves the largest footprint of best-in-class restoration contractors in North America, as well as three of the top five property insurers. www.nextgearsolutions.com.
Accurence is passionate about building smart property insurance solutions, leading the way in automated adjusting solutions. Accurence helps insurance adjusters and contractors confidently assess all homeowner peril types with its proprietary, patented technologies that automate the scope of repairs. Through mobile applications that integrate with major insurance carrier guidelines, the company delivers unprecedented efficiencies in insurance claims that build homeowner trust and drive consistently smarter business. www.accurence.com
Disclaimer: The information contained in this article is distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. The information contained in this article is accurate as of the data submitted, but is subject to change. No guarantee of investment performance is being provided and no inference to the contrary should be made. A full list of portfolio holdings is available on Serent's website.