Silver Lake, Qualtrics founder Ryan Smith and Vivint Smart Home founder Todd Pedersen have led a $507 million investment round in Entrata, a technology business in the multifamily industry, 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 offers property management software.
“It’s incredibly rare to see a business or its leadership have the foresight to create a company that can grow so rapidly at scale across an entire industry. Entrata’s platform directly meets the needs of property managers because of its flexibility and intuitive nature,” said Silver Lake Co-CEO Egon Durban and managing director Kyle Paster. “This company is perfectly positioned to continue scaling quickly, and the potential within the industry is massive. We’ll see them become a true household name in the tech industry quickly as they continue to take share as a cloud market leader.”
“It’s rare to find a company of this size and scale that has not taken institutional funding. Bootstrapping forces a company to build with the long-term view in mind which leads to better experiences for customers and employees,” said Smith. “I’ve always believed in the ‘nail it, then scale it’ model and this new capital will help Entrata accelerate and scale in a way that positions them to become the unquestioned leader in global property management throughout the world.”
“We couldn’t be more excited to partner with world class investors Silver Lake and Dragoneer, who bring unmatched expertise as we enter this new phase in Entrata’s journey. Additionally, partnering with trailblazing local leaders like Ryan Smith, Todd Pedersen and Josh James will give the executive team experienced allies with skills specific to our location,” said Adam Edmunds, Entrata CEO. “I’ve never seen a market opportunity and competitive landscape quite like this. We have the strongest product in the industry, the best team, and now capital to execute at an even faster pace than before. Entrata will continue to lead through its innovation and unmatched client experience.”