CoreLogic, a global property information, analytics and data-enabled solutions provider has acquired Next Gear Solutions, a provider of digital workflow platforms and services for the property restoration industry, backed by Serent Capital. As part of the transaction, Serent Capital and Next Gear shareholders, including founder Garret Gray, will roll equity and become significant investors in CoreLogic.
“When I first founded Next Gear, I hoped to bring leading edge software solutions to an industry mired in pen-and-paper,” stated Gray. “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.”
Jefferies LLC served as exclusive financial advisor and both Kirkland & Ellis LLP and Wilson Sonsini Goodrich & Rosati served as legal counsels to Next Gear.