CHICAGO, Aug. 26, 2021 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has closed the acquisition of Global Claims Services ("GCS" or the "Company").
GCS, headquartered in Jacksonville, Florida, is a leading insurance technology company that leverages its proprietary databases and custom applications to provide critical cost containment solutions to the P&C insurance industry.
GTCR will partner with CEO Bob Logan and the current management team at GCS as they continue to grow the business and expand the Company's suite of technology-enabled, data-driven solutions for the insurance industry. As part of the transaction, GTCR expects to commit significant incremental equity to fund future acquisitions and expansion opportunities.
Founded in 1993, GCS's InsurTech solutions provide insurance carriers with accurate, rapid, independent assessments of the replacement value and feasibility of repairing damaged building materials. The Company's mobile-first products and comprehensive databases provide insurance companies with the decision support tools to achieve optimal outcomes for property claims. The Company serves all of the top 100 carriers in the U.S. and the top 30 carriers in Canada.
"Bob and the GCS team have developed and scaled a number of unique technologies that have become mission critical tools in the insurance industry," said GTCR Managing Director Aaron Cohen. "We look forward to being partners with the GCS team and accelerating their growth through acquisitions."
"GCS is excited to partner with GTCR. We look forward to continuing to support our insurance carrier partners while expanding our product offering through innovation and acquisitions," said Mr. Logan. "GTCR brings unique resources and experience in building industry-leading companies and expects to commit significant additional capital to fund growth."
David Donnini, Managing Director at GTCR, added: "GCS's proprietary technology and related services create a strong customer value proposition which sets the Company apart. We are excited to partner with Bob and the GCS team as we support them in their next phase of expansion."
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com. Follow GTCR on LinkedIn.
About Global Claims Services
Founded in Jacksonville, Florida in 1993, GCS has established itself as a leader in high-volume building component evaluation. In addition, GCS provides temporary housing assistance for policyholders who have lost the use of their homes. Through its widely deployed mobile technology platform, GCS delivers critical and timely assessments of damaged flooring, roofing, siding, and cabinetry. GCS services are delivered through the well-known brands of ITEL, Renovar, ICC and Housing Headquarters. For more information, please visit www.globalclaimsservices.com.