CoreLogic, a leading global property information, analytics and data-enabled solutions provider, has acquired Next Gear Solutions, a market leader in digital workflow platforms and solutions for the property restoration industry. Combining Next Gear and CoreLogic’s Claims Connect platforms, property data and analytics, and tools is intended to provide contractors and insurance carriers a compelling choice to enhance and transform the claims experience for policyholders.
Watch Garret Gray, founder and CEO of Next Gear Solutions, discuss what this means for the restoration industry in an in-depth episode of Ask the Expert with R&R’s Editor Valerie King. He covers the impetus and vision for the acquisition, its impact on existing customers and restoration contractors overall, how the integration will play out internally and externally, as well as advances to workflow management solutions, claims estimating solutions, pricing landscape and competitive landscape.
“The combination of CoreLogic and Next Gear introduces a more compelling alternative to the status quo,” said Garret Gray, founder and CEO of Next Gear Solutions. “We invite those seeking strategic agility to consider the breadth of our entire platform. We are committed to providing leading-edge solutions that promote customer choice and will continue to work with all industry participants to ensure secure and customer-directed flow of data, so the market has expanded options.”
In a LinkedIn post to the Next Gear company page on Sept. 15, Gray wrote, "Today we announce the sale of Next Gear Solutions, which has been the passion of my life for 13+ years. There are many emotions as I reflect on the people who built this company and the tremendous skill and passion they bring every day to our partners."
Gray continued, "While this is a milestone for me and the over 250 people who have dedicated themselves to an audacious vision for the industry we serve, it is only the beginning. We are all excited to join forces with the CoreLogic team to drive positive change for the entire property insurance ecosystem. I can speak for my entire leadership team and broader company when I say we are in this for the long haul and can't wait to leverage the scale and resources of our new company. There will be more to come on this exciting news. Stay tuned."
Next Gear Solutions, headquartered in Oxford, Miss., is a leading workflow platform provider for property restoration. Next Gear’s touts its cloud-based suite of products, such as DASH, SettleAssist, and MICA, as having transformed the way property insurers and contractors collaborate, driving better outcomes for those experiencing a property loss.
“The entire CoreLogic team is excited to join forces with Garret and the Next Gear team as we expand our range of innovative best-in-class solutions for the restoration industry, insurance carriers and other market participants that collectively help millions of people to protect and restore the homes they love," Frank Martell, president and CEO of CoreLogic said.
“The combination of Next Gear and CoreLogic creates a leap forward in claims handling technology, bringing customer focus, innovation and more optionality for all property insurance ecosystem stakeholders," Martell added. "There has never been a greater focus on transforming critical workflows in the insurance ecosystem and CoreLogic is committed to continuing to invest heavily in expanding our state-of-the art platforms and digital solutions that will drive innovation and make our customers more successful.”
Jefferies LLC served as exclusive financial advisor to Next Gear Solutions.
Next Gear Solutions is a 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.
CoreLogic, through its enhanced property data solutions, services and technologies, 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.