# Entrata

**Type:** venture
**Status:** Draft
**Confidence:** High
**Tier:** C
**Builder-tier:** B
**Activity:** active
**Activity-checked:** 2026-08-16
**Activity-signal:** 2026-06-11 · https://www.sec.gov/Archives/edgar/data/2028464/000162828026042574/entrata-sx1a1.htm
**Focus:** property management software, multifamily, vertical SaaS, embedded payments
**Domain:** computing
**Ownership:** PE-owned
**Stage:** Private; Form S-1/A filed 2026-06-11 for NYSE:ENT — registration not effective as of 2026-08-16 (no price, no 424B4)
**Identifiers:** cik=0002028464, ein=86-1072180
**Primary Location:** Lehi, UT
**Utah Location:** Lehi, UT
**Region:** Lehi
**Website:** https://www.entrata.com
**Careers:** https://www.entrata.com/careers
**Updated:** 2026-08-16
**Needs-reviewed:** 2026-08-16
**Pull:** *A Lehi property OS in the IPO pipeline — profitable, PE-controlled, and still unpriced.*

## 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](entrata-s1a-2026.md) (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](weave.md) and
[Domo](domo.md) already trade; [Podium](podium.md), 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)](entrata-s1a-2026.md) · https://greatutah.work/pages/entrata-s1a-2026.md · 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](podium.md) · https://greatutah.work/pages/podium.md — still-private Lehi vertical SaaS
- [Weave](weave.md) · https://greatutah.work/pages/weave.md — already-public Lehi vertical SaaS (NYSE: WEAV)
- [Fervo Energy](fervo-energy.md) · https://greatutah.work/pages/fervo-energy.md — recent Utah-project IPO, Houston HQ
- [Wilson Sonsini Salt Lake City](wilson-sonsini-salt-lake-city.md) · https://greatutah.work/pages/wilson-sonsini-salt-lake-city.md — issuer’s counsel on the S-1/A is Wilson Sonsini (Palo Alto office named)