A quickly growing Tampa-based insurance claims management company has acquired a Jacksonville company that works with insurance companies and policyholders after catastrophic weather events.
HOMEE, founded in 2016, has acquired MyCAT Marketplace for an undisclosed amount. MyCAT was founded by Larry Nettles, who will join HOMEE’s management team.
HOMEE has had a bit of an overhaul in the last two years, expanding its business model to go beyond on-demand home repair services and instead work as a middleman of sorts with insurance companies and homeowners, filing claims for bigger-ticket items under $25,000.
MyCAT also provides a marketplace for the insurance industry but is hyper-focused on catastrophic weather events. The company says its software-as-a-service platform helps speed up the timeframe in which repairs can be made after damages from things like hurricanes.
“We believe what Larry has developed and launched is groundbreaking and will help all our clients better plan, deploy and manage valuable resources during a catastrophic weather event,” HOMEE CEO Doug Schaedler said in a statement. “The MyCAT Marketplace solution will enable HOMEE to help our clients deliver the best possible policyholder experience during a catastrophic weather event.”
The acquisition comes at a time when weather disasters have seen an uptick, leading to roughly $50 billion in annual costs for carriers, according to Schaedler.
“HOMEE is leading the industry in digitizing the claims process, and I am excited to bring MyCAT into a forward-thinking company like HOMEE that’s truly changing the insurance industry and the customer experience,” Nettles said in a statement.
The company has been in growth mode, raising a $17 million Series B funding round in late 2021 and expanding its office space to accommodate its growing number of employees.
