Silver Lake and Utah Tech Heavyweights Back Entrata
Posted on 07/12/2021
Lehi, Utah-based Entrata makes a multifamily technology platform. Entrata was founded in 2003. Revealed on June 7, 2021, Entrata raised US$ 507 million in a round led by Silver Lake Partners, Qualtrics Founder Ryan Smith, and Vivint Smart Home Founder Todd Pedersen, with participation from Dragoneer, Domo Founder and CEO Josh James, and other strategic investors. In addition, Pedersen and Silver Lake Managing Director Kyle Paster will join the company’s board of directors.
Entrata is a comprehensive property management software provider. The company claims to process more than US$ 20 billion in rent payments annually through its platform.
As the first institutional round of capital raised by Entrata since its founding in 2003, the investment will represent a minority ownership in the company, with founder and chairman Dave Bateman retaining majority ownership. Adam Edmunds has also joined Entrata as CEO to provide the vision and drive through the company’s next phase of growth. Edmunds has founded, grown and exited several SaaS companies, including Allegiance, which sold to MaritzCX in 2014. He was most recently president of the communications and payments platform Podium.