Entrata

Summary

Entrata is Lehi’s property-management OS: 2.5 million units, profitable at filing, Silver Lake–controlled, with a June 2026 S-1/A for NYSE:ENT that still has no price. The scale is real; so are Yardi, RealPage, and AppFolio.

Impact

Entrata is large, vertical SaaS for U.S. rental housing: as of March 31, 2026 it powered 2.5 million units, about 10% of U.S. multifamily, and it was profitable at filing — $509.3 million of 2025 revenue and $50.7 million of 2025 net income, per the June 2026 S-1/A (statements in thousands). That is real scale. It is not a category only Entrata can occupy. The same filing names Yardi, RealPage, and AppFolio as incumbent or SMB substitutes, plus a long tail of point solutions. A property manager who does not buy Entrata still buys a property OS. That is the C case: substantive, replaceable.

Silver Lake’s control and the November 2025 dividend are ownership and capital-structure facts, not a second impact argument. The S-1/A says Silver Lake invested in July 2021, took a majority in March 2022, and will hold a (blank) share of voting power after the offering, enough that Entrata expects to be a NYSE “controlled company.” In November 2025 the company paid a $1.99/share special cash dividend, $356.3 million in aggregate, financed with cash and a portion of a $400.0 million term loan — still fully drawn as of March 31, 2026. Those numbers describe who owns the residual and how the cap table was recapitalized; they do not enlarge or shrink what the software displaces.

The IPO itself is incomplete. The S-1/A is still “Subject to Completion”: no price, no share count, no stated net proceeds. Renaissance Capital’s raise estimate is not in the filing and is not on this page.

Utah Context

Headquarters are at 4205 Chapel Ridge Road, Lehi — Silicon Slopes vertical SaaS, not a Houston project company with a Utah plant. The contrast is the public-markets queue: Weave and Domo already trade; Podium, another Lehi inbox-and-payments company, is still private. Entrata would be the rare Lehi property-tech name to list, if the registration goes effective. Until a 424B4 exists, it belongs with the still-private cohort on the filing, not with the listed ones.

What They Need Now

The S-1/A does not list current openings or role families. As of March 31, 2026 the company had 2,198 employees (1,169 in the United States) per that filing — a going concern, not a hiring manifesto. The durable application path is the careers page at https://www.entrata.com/careers.

Open Questions

• Has the registration gone effective, priced, or been withdrawn since 2026-08-16? Check https://data.sec.gov/submissions/CIK0002028464.json (a 424B4 would mean it priced; Form RW would mean it was pulled).
• What price, share count, and Silver Lake voting-power percentage does a later amendment or final prospectus fill in? All three are blank in the June 11 S-1/A.
• The S-1/A street address uses zip 84048; the SEC submissions JSON mailing/business address uses 84043. Which zip is current if this page later grows a map point?

Evidence

• Source: Entrata S-1/A (June 2026) · https://www.sec.gov/Archives/edgar/data/2028464/000162828026042574/entrata-sx1a1.htm — units, customers, headcount, income statement (in thousands), Silver Lake control, November 2025 dividend, NYSE:ENT application, use of proceeds, competitors
• Entrata careers · https://www.entrata.com/careers — general jobs landing page; not a source for roles, because the S-1/A does not itemize them

See Also

• Podium — still-private Lehi vertical SaaS
• Weave — already-public Lehi vertical SaaS (NYSE: WEAV)
• Fervo Energy — recent Utah-project IPO, Houston HQ
• Wilson Sonsini Salt Lake City — issuer’s counsel on the S-1/A is Wilson Sonsini (Palo Alto office named)