Entrata, a multifamily property management software company based in Lehi, Utah, filed its S-1 registration statement on May 28 to list on the New York Stock Exchange under the ticker "ENT." The company reported a $509.3 million revenue in 2025, representing 24% growth from $412 million in 2024, and a $574 million annualized run rate based on Q1 2026 revenue of $143.5 million, up 23% year-over-year, according to saastr.com.
Founded in 2003, Entrata has been majority-owned by private equity firm Silver Lake since 2022. The company is cash-flow positive and reported gross margins of 60% GAAP in 2025, increasing to 63% in Q1 2026. Entrata’s financials reflect steady growth without acceleration, a trend noted as common among private equity-backed software companies preparing for public offerings, per saastr.com analysis.
Entrata’s IPO is seen as the leading edge of a wave of private equity-backed software firms seeking public market exits. However, the broader market environment has shifted, with investors demanding more than efficient growth. Despite solid metrics, Entrata and its peers face challenges in demonstrating accelerating revenue growth, which may affect valuation multiples and investor appetite, saastr.com reports.
Entrata’s S-1 filing on May 28 marks a significant milestone for the company and the private equity-backed software sector. The company’s next financial disclosures and pricing details will provide clearer insight into market reception and valuation, as it prepares to debut on the NYSE under the symbol "ENT."