San Francisco, Calif.-based private equity firm Serent Capital has announced that its portfolio company, Next Gear Solutions, will buy claim mitigation workflow software provider MICA Software for an undisclosed sum.
Serent Capital, which focuses on investments in the high-growth software and services space, bought a 30% stake of Next Gear Solutions in March of 2016. The Oxford, Mississippi-based company offers management software for restoration contractors, aiming to “take the restoration industry out of the paper age and into the digital age” with its online management system, DASH.
The private equity firm has led Next Gear through two acquisitions over the past year with the buyout of ClientRunner in July 2016 and Luxor CRM in December 2016. The latest acquisition is set to bolster Next Gear’s expanding product suite with mitigation software in efforts to “transform the claims management process and simplify the complex workflow for all stakeholders,” said MICA’s CEO and and Next Gear’s new Vice President of Strategic Solutions, Raj Goswani.
Serent indicates that MICA’s solution, which optimizes job management by eliminating paperwork, automating job scoping and reducing claim cycle time, will offer another “valuable adjacent software option” for Next Gear’s over 3,000 customers which leverage its system-of-record workflow software.