San Francisco, CA - February 13, 2018 - Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing software and services businesses, announced that its portfolio company Next Gear Solutions has acquired Moisture Mapper International (MMI). MMI’s software provides restoration contractors with documentation and analytical tools that guide the drying process and reduce time spent on claim management.
The acquisition bolsters Next Gear’s claim mitigation workflow software offering which was launched when Next Gear acquired MICA Software and merged it with its DryTrack product. With the addition of MMI, Next Gear furthers its commitment to provide the best and most comprehensive job management solutions to the restoration industry. “Next Gear Solutions is all about simplifying the lives of contractors. Restoration contractors are being asked to shoulder more of the administrative burden in the claim process and are expected to do it from the job site,” said Garret Gray, CEO of Next Gear Solutions. “The future we envision is one of tighter integration across applications and less double-entry leading to more efficient workflows and better experiences for all involved in a claim.”
John North, President of Moisture Mapper, will join Next Gear as Vice President of Network Development. In addition, Next Gear announced the hiring of Jesse Herrera to lead the company’s newly formed Insurance Carrier Business Unit. Jesse joins Next Gear from Serent Capital, where he was a member of the Growth Team Strategic Operations Group. Prior to Serent, Jesse was EVP at Mitchell International, and he brings over a decade of experience in the insurance market to Next Gear.
“It has been an exciting two years since we first partnered with Garret and his team, as Next Gear has grown into a multi-business unit, multi-location, dynamic software company”, shared Stewart Lynn, Principal at Serent Capital. “We are proud of that growth and look forward to continuing to support the company’s human capital, operational, and strategic needs.”
This is Next Gear’s fourth acquisition in the past two years. Next Gear acquired ClientRunner in July 2016, Luxor CRM in December 2016, and MICA Software in July 2017.
About Next Gear
Next Gear Solutions, based in Oxford, MS, 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 other insurance solutions. Next Gear is the leading technology solution for the restoration contractor space with the largest footprint of subscribers in five countries. For more information on Next Gear, visit www.nextgearsolutions.com.
About Moisture Mapper
Moisture Mapper was founded in 2005 by a group of professionals that recognized a need in the property insurance industry for a common platform that could effectively document and communicate all aspects of the water mitigation “process” on both residential and commercial properties. As Moisture Mapper gained traction in the restoration industry, in addition to providing ease of use for contractor documentation, the business focus has grown dramatically for the data analysis tools insurers and Managed Repair Programs sought to minimize open file time and quickly pay and close claims.
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. www.serentcapital.com.
