# Source: Entrata S-1/A (June 2026) **Type:** source **Status:** Useful **Confidence:** High **Source Type:** filing **URL:** https://www.sec.gov/Archives/edgar/data/2028464/000162828026042574/entrata-sx1a1.htm **Publisher:** U.S. Securities and Exchange Commission (EDGAR) **Published:** 2026-06-11 **Updated:** 2026-08-16 **Relates:** cites [Entrata](entrata.md) · https://greatutah.work/pages/entrata.md · https://www.sec.gov/Archives/edgar/data/2028464/000162828026042574/entrata-sx1a1.htm ## Summary Entrata, Inc. Amendment No. 1 to Form S-1, a preliminary prospectus filed 2026-06-11 (accession **0001628280-26-042574**; CIK **0002028464**). The registration is not effective: share count and offering price are blank, and the company has applied to list Class A common stock on the NYSE under ENT. ## Useful Claims - Filed **2026-06-11** as Amendment No. 1 to Form S-1; Registration No. **333-296292**; I.R.S. Employer Identification Number **86-1072180**. Principal executive offices: **4205 Chapel Ridge Road, Lehi, Utah 84048**. Agent for service: **Adam Edmunds**, Chief Executive Officer. - This is a **preliminary prospectus**, marked **Subject To Completion**. Share count is blank. The estimated IPO price per share is blank (“between $ and $ ”). Securities may not be sold until the registration statement is effective. - “This is the initial public offering of shares of Class A common stock of Entrata, Inc.” There has been no public market for the Class A common stock. The company has applied to list Class A on the **New York Stock Exchange** under the symbol **“ENT”**. - Class A is entitled to **one vote** per share; Class B to **ten votes** per share (convertible into Class A). Class C has no voting rights except as required by law. - After the offering, entities affiliated with **Silver Lake** will hold a (blank) percentage of voting power; as a result Entrata expects to be a NYSE **“controlled company”**. - Incorporated in **2003** as **Property Solutions International, Inc.**, a Delaware corporation; renamed **Entrata, Inc.** in **2015** (Note 1: **July 11, 2003** / **June 23, 2015**). Silver Lake made its initial investment in **July 2021** and acquired a majority of outstanding common stock in **March 2022**. - As of **March 31, 2026**, Entrata powered **2.5 million** units, or roughly **10%** of the U.S. multifamily market. **233 customers** had ARR exceeding **$500,000** as of **December 31, 2025** (not March 31, 2026). As of March 31, 2026: **2,198 employees** (**1,169** United States, **1,029** international). - Consolidated statements of operations are **in thousands**, except per share data. Revenue: **$509,295** for the year ended December 31, 2025 vs **$412,000** in 2024; **$143,483** for the three months ended March 31, 2026 vs **$116,601** in Q1 2025. Net income: **$50,676** (2025) vs **$21,759** (2024); **$23,346** (Q1 2026) vs **$13,939** (Q1 2025). - In **November 2025** the company paid a special, one-time cash dividend of **$1.99** per share, or **$356.3 million** in the aggregate, financed with cash on hand and a portion of the net proceeds from a **$400.0 million** term loan. As of March 31, 2026 it had borrowed **$400.0 million** on that term loan. - Cover-page underwriters in the first row: **Goldman Sachs & Co. LLC**, **J.P. Morgan**, and **Barclays**. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the representatives of the underwriters. - Intended use of proceeds: general corporate purposes (working capital, operating expenses, capital expenditures); possible acquisitions (none committed); RSU tax withholding; and possible repayment of Credit Agreement debt. Net-proceeds dollar amounts, the withholding obligation, and the repayment amount are **blank**. This document does not state a raise size. - Issuer’s counsel for the offering: **Wilson Sonsini Goodrich & Rosati, P.C.**, Palo Alto, California. ## Verbatim > "As filed with the Securities and Exchange Commission on June 11, 2026." > — Cover > "The information in this preliminary prospectus is not complete and may be changed. These securities > may not be sold until the registration statement filed with the Securities and Exchange Commission > is effective." > — Cover (preliminary prospectus legend) > "Subject To Completion. Dated 2026." > — Cover > "This is the initial public offering of shares of Class A common stock of Entrata, Inc." > — Cover > "Prior to this offering, there has been no public market for our Class A common stock. It is > currently estimated that the initial public offering price per share will be between $ and $ . > We have applied to list our Class A common stock on the New York Stock Exchange under the symbol > “ENT”." > — Cover > "Each share of Class A common stock is entitled to one vote per share. Each share of Class B common > stock is entitled to ten votes per share and is convertible at any time into one share of Class A > common stock. Shares of Class C common stock have no voting rights, except as otherwise required by > law, and each share of Class C common stock is convertible at any time into one share of Class A > common stock, subject to the beneficial ownership limitations described herein." > — Cover > "Upon the completion of this offering, entities affiliated with Silver Lake Group, L.L.C. (“Silver > Lake”) will hold approximately % of the voting power of our outstanding common stock (or > approximately % of the voting power of our outstanding common stock if the underwriters’ option > to purchase additional shares of our Class A common stock is exercised in full). As a result, we > expect to be a “controlled company” as defined in the corporate governance rules of the New York > Stock Exchange and will be exempt from certain corporate governance requirements of such rules." > — Cover > "We were incorporated in 2003 as Property Solutions International, Inc., a Delaware corporation. In > 2015, we changed our name to Entrata, Inc. The Silver Lake Stockholders acquired a majority of the > outstanding shares of our common stock in March 2022 after Silver Lake made its initial investment > in us in July 2021. Our principal executive offices are located at 4205 Chapel Ridge Road, Lehi, UT > 84048, and our telephone number is (801) 375-5522." > — Prospectus Summary (Corporate Information) > "Entrata was incorporated under the laws of the state of Delaware on July 11, 2003 as Property > Solutions International, Inc. and changed its name to Entrata, Inc. on June 23, 2015." > — Note 1, Description of Business > "As of March 31, 2026, we powered 2.5 million units, or roughly 10% of the U.S. multifamily market, > with particular strength among the largest and most complex enterprise operators, which we define as > operators managing properties with units ranging from thousands to hundreds of thousands. Our > ability to scale with enterprise customers is evidenced by our 233 customers with annualized > recurring revenue (“ARR”) exceeding $500,000 as of December 31, 2025, compared to 183 such customers > as of December 31, 2024, representing an increase of 27% in the customer count." > — Prospectus Summary > "As of March 31, 2026, we had 2,198 employees, with 1,169 based in the United States and 1,029 in > our international locations." > — Business (Human Capital) > "Revenue grew from $412.0 million in 2024 to $509.3 million in 2025, an increase of 24%." > — Prospectus Summary > "Revenue was $143.5 million for the three months ended March 31, 2026, compared to $116.6 million > for the three months ended March 31, 2025, an increase of $26.9 million, or 23%." > — MD&A (Comparison of the Three Months Ended March 31, 2025 and 2026) > "Cash provided by operating activities for the year ended December 31, 2025 of $100.1 million was > primarily due to net income of $50.7 million" > — MD&A (Liquidity) > "Cash provided by operating activities for the year ended December 31, 2024 of $161.9 million was > primarily due to net income of $21.8 million" > — MD&A (Liquidity) Consolidated Statements of Operations Data as the filing tabulates them, **(in thousands, except per share data)**: ``` Year Ended December 31, Three Months Ended March 31, 2024 2025 2025 2026 Revenue 412,000 509,295 116,601 143,483 Net income 21,759 50,676 13,939 23,346 ``` > "In November 2025, we paid a special, one-time cash dividend to holders of our common stock on a pro > rata basis in the amount of $1.99 per share, or $356.3 million in the aggregate. The dividend was > financed with cash on hand and a portion of the net proceeds from our $400.0 million term loan." > — Dividend Policy > "We may also use a portion of the net proceeds we receive from this offering to repay $ of > outstanding indebtedness under our Credit Agreement. As of March 31, 2026, we had borrowed $400.0 > million on the term loan with a revolving loan commitment of up to $75.0 million." > — Use of Proceeds > "We intend to use the net proceeds we receive from this offering for general corporate purposes, > including working capital, operating expenses, and capital expenditures. Additionally, we may use a > portion of the net proceeds we receive from this offering to acquire or invest in businesses, > products, services, or technologies. However, we do not have agreements or commitments for any > material acquisitions or investments at this time." > — Use of Proceeds > "We also intend to use a portion of the net proceeds we receive from this offering to satisfy our > anticipated tax withholding and remittance obligations of $ related to the RSU Settlement." > — Use of Proceeds > "Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the representatives of the > underwriters." > — Underwriting Cover-page underwriter block, first row: Goldman Sachs & Co. LLC, J.P. Morgan, Barclays. > "Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, California, which has acted as our counsel in > connection with this offering, will pass upon the validity of the shares of our Class A common stock > being offered by this prospectus." > — Legal Matters > "Adam Edmunds" / "Chief Executive Officer" / "4205 Chapel Ridge Road" / "Lehi, Utah 84048" / > "86-1072180" / "Registration No. 333-296292" > — Cover (registrant header) > "Our Operating System unifies property management, resident-facing tools, and embedded payments at > enterprise scale." > — Prospectus Summary > "Our competitors have historically fallen into four primary categories (i) legacy incumbent property > management solutions, including Yardi, Inc., RealPage, Inc., MRI Software LLC, AMSI Software, Inc., > and other competitors, (ii) property management solutions focused on small and midsized businesses > including AppFolio, Inc., Buildium and Propertyware (both owned by RealPage, Inc.), and Yardi Breeze > (owned by Yardi, Inc.), (iii) point solutions that address discrete workflows that compete with us in > a single offering or category of offerings, and (iv) the status quo of spreadsheets, email, paper > checks, and bespoke in-house systems that do not leverage technology-enabled workflows." > — Risk Factors ## Reliability Notes Primary-tier SEC filing, cited at EDGAR. Accession **0001628280-26-042574**; file number **333-296292**. The document is still a preliminary prospectus: “Subject To Completion,” the information “is not complete and may be changed,” and the securities may not be sold until the registration statement is effective. Price, share count, Silver Lake’s post-offering voting percentage, and net-proceeds dollar amounts are blank in this amendment. Later status — whether the registration has gone effective, been priced (Form 424B4), or been withdrawn (Form RW) — is at `https://data.sec.gov/submissions/CIK0002028464.json`. As of 2026-08-16 that index listed an S-1/A (2026-06-11), a public S-1 (2026-05-28, accession **0001628280-26-038608**), and confidential DRS filings beginning 2025-12-17; it listed no 424B4, EFFECT, or RW. A 424B4 or Form RW would supersede any claim that this offering is still “in the pipeline.” This page is only the June 11 amendment; it does not replace those earlier filings with their own source pages. Income-statement dollars in the consolidated statements of operations are **in thousands**, except per share data. Reading 509,295 as five hundred million rather than $509.3 million would be a units error. MD&A restates the same periods in millions ($509.3 million of 2025 revenue; $143.5 million of Q1 2026 revenue). ## Related Pages - [Entrata](entrata.md)