Entrata’s $507 Million Private Investment

Entrata's $507 Million Private Investment

Wilson Sonsini Goodrich & Rosati advised Entrata on the deal, while Simpson Thacher advised Silver Lake on the deal. Latham & Watkins LLP represented Dragoneer on the deal.

Entrata, the multifamily industry’s most comprehensive technology platform, announced the company has raised $507 million, led by Silver Lake, Qualtrics Founder Ryan Smith and Vivint Smart Home Founder Todd Pedersen, 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.

Over the course of the last two decades, Entrata has become a category leader and the only comprehensive property management software provider with a single-login, open-access platform. Currently processing more than $20 billion in rent payments annually through its platform, Entrata serves more than 20,000 apartment communities across the United States. Additionally, it is the fastest-growing software company in real estate with over $200 million in annual recurring revenue and more than 2,100 employees with plans to add hundreds more in 2021 alone.

Representing the largest private investment round in Utah history, the infusion of new capital will allow Entrata to more than double its research and development spend in the Entrata platform in the coming years and to adopt an aggressive go-to-market strategy including international expansion planned in the near future. With plans to heavily invest in personnel and improve efficiencies in the client experience, the new funding will fuel the company’s next stage of innovation.

The Wilson Sonsini team that advised Entrata on the transaction includes Rezwan Pavri (Picture), Adam Bloom, Erik Franks, Daniel Shiner, M. Faye Shin, Alex Weber, Danielle Kassatly, Dave Thomas, Derek Wallace, and Dana Hall.

The Simpson Thacher team included Atif Azher, Mark Myott, William Perrone, Michaela Dion and Omar Kanjwal (Corporate); Daniel Webb (Capital Markets); Lori Lesser, Melanie Jolson and Samuel Watters (Intellectual Property); Russell Light (Tax); Tristan Brown, Harry Hudesman and Allison Sutherland (Executive Compensation and Employee Benefits); Jennifer Levitt and Mimi Cheng (Credit); Jordan Cross and Demetrius Baefsky (Funds); and Kelly Karapetyan (Antitrust). 

Latham & Watkins LLP represented Dragoneer with a deal team led by Boston/New York partner Kristen Grannis and Bay Area partner Haim Zaltzman, with Century City associates Arman Carretta and Agustin Podboj. Advice was also provided on tax matters by Bay Area partner Katharine Moir.

Involved fees earner: Arman Carretta – Latham & Watkins; Katharine Moir – Latham & Watkins; Agustin Podboj – Latham & Watkins; Kristen Grannis – Latham & Watkins; Haim Zaltzman – Latham & Watkins; Atif Azher – Simpson Thacher & Bartlett; Demetrius Baefsky – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Mimi Cheng – Simpson Thacher & Bartlett; Jordan Cross – Simpson Thacher & Bartlett; Michaela Dion – Simpson Thacher & Bartlett; Harry Hudesman – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Omar Kanjwal – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Jennifer Levitt – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Mark Myott – Simpson Thacher & Bartlett; William Perrone – Simpson Thacher & Bartlett; Allison Sutherland – Simpson Thacher & Bartlett; Samuel Watters – Simpson Thacher & Bartlett; Daniel Webb – Simpson Thacher & Bartlett; Adam Bloom – Wilson Sonsini Goodrich & Rosati; Erik Franks – Wilson Sonsini Goodrich & Rosati; Dana James Hall – Wilson Sonsini Goodrich & Rosati; Danielle Kassatly – Wilson Sonsini Goodrich & Rosati; Rezwan Pavri – Wilson Sonsini Goodrich & Rosati; Faye Shin – Wilson Sonsini Goodrich & Rosati; Daniel Shiner – Wilson Sonsini Goodrich & Rosati; David Thomas – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati; Alex Weber – Wilson Sonsini Goodrich & Rosati;

Law Firms: Latham & Watkins; Simpson Thacher & Bartlett; Wilson Sonsini Goodrich & Rosati;

Clients: Dragoneer Investment Group; Entrata; Silver Lake;

Author: Martina Bellini