On July 7, 2021, Entrata, a comprehensive property management software company, 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. Wilson Sonsini Goodrich & Rosati represented Entrata in the transaction.

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, Adam Bloom, Erik Franks, M. Faye Shin, Alex Weber, Danielle Kassatly, Dave Thomas, Derek Wallace, and Dana Hall.

For more information, please see Entrata's press release. Further coverage can be found on Forbes.