Background

 

Advantage Investigations was founded in 1998 and has grown into a leading national provider of insurance investigative services, supporting insurance carriers, TPAs, self-insured organizations, and law firms. Following MD Holdings’ partnership in 2019, the business transitioned from a regional surveillance provider into a scaled, technology-enabled national platform positioned for accelerated growth.

MD Holdings invested broadly in Advantage to accelerate growth by executing the following key initiatives:

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Key Initiatives

Sales

We invested in building a high-performing national sales organization and go-to-market strategy, supported by expanded service offerings and national account focus. These investments allowed us to:

  • Expand from a regional footprint to national coverage across 45+ states

  • Win and grow large national accounts, including preferred vendor placements

  • Increase revenue at a 17% CAGR since 2022

  • Achieve 117% net revenue retention

Operations & Service Delivery

We built a scalable, integrated operating model supported by a nationwide investigator network and diversified service capabilities, including surveillance, remote-controlled surveillance (RCS), SIU, and desktop research. These investments allowed us to:

  • Deliver consistent, high-quality outcomes with best-in-the-industry 64% video capture rates

  • Reduce turnaround times on cases worked to 14 days on average

  • Increase multi-service adoption, with 62% of clients purchasing 2+ solutions

  • Improve client outcomes through faster case resolution and better fraud detection

Product & Innovation

We invested over $4.5 million in proprietary technology, equipment, and AI-enabled capabilities to differentiate Advantage in a fragmented market. These investments helped us to:

  • Develop and enhance SmartTrak, a proprietary case management platform

  • Introduce AI-driven workflows to improve efficiency and reduce labor costs

  • Expand high-margin offerings like RCS and desktop research

  • Create a technology-enabled, data-driven client experience

Systems icon

Systems

We implemented best-in-class systems across operations, analytics, and back-office infrastructure, including ERP, CRM, and advanced data visualization tools. These investments allowed us to:

  • Provide real-time management reporting through Power BI dashboards

  • Improve operational efficiency and scalability across a national footprint

  • Maintain high service levels while rapidly growing volume and complexity

  • Strengthen cybersecurity and compliance with enterprise-grade systems

Leadership

We recruited and developed a seasoned leadership team with deep industry and operational expertise to guide the company’s transformation. These investments helped us:

  • Drive 160% revenue growth and 200% EBITDA growth during our ownership

  • Build a strong culture focused on accountability, innovation, and performance

  • Attract and retain top industry talent across functions

Acquisitions

We executed a targeted M&A strategy to expand geographic coverage and service capabilities. These initiatives added:

  • Three strategic add-on acquisitions allowing entry into key markets across the Northeast and Southwest

  • Expanded service capabilities and client relationships

  • A pipeline of 10+ actionable M&A targets for continued growth

Will Gregory

Will Gregory

Founder and President of Advantage Surveillance
"It was clear to me that I had taken the organization as far as I could take it on my own. I found a partner with the expertise and business sense to capitalize on what was great about the company and add improvements to what was needed to grow. I couldn’t have picked a better partner."
 
 

Want to learn more about how a partnership with MD Holdings would work?

 
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