Entrata Raises $507 Million After 18 Years Bootstrapped, Making It Utah’s Newest Software Unicorn
Summary
That’s because while Bateman has made headlines for paying off the Utah state GOP’s debt and most recently for a defamation lawsuit filed by Nikola founder Trevor Milton following tweets by Bateman about Milton, litigation that remains ongoing, the entrepreneur has preferred to build Entrata mostly in private in recent years. Founded by Bateman, John Hanna, Mike Trionfo and Ben Zimmer in 2003 after they won a national M.B.A. business plan competition (their pitch for which had caught Edmunds’ eye in the first place), Entrata was originally known as Property Solutions, and offered software to help owners and landlords track and collect payments from their multi-tenant buildings and various holdings. That scale and cash profile wasn’t lost on Smith, who took Qualtrics public in January (he’s now chairman there), recently concluded a roller-coaster first season as owner of NBA franchise the Utah Jazz and has become a busy startup unicorn backer, too. According to Smith, Entrata is riding on the crest of several macro trends, from the digitization of the home to the rethinking of rental properties brought on by Airbnb. “I realized it was time to swap places.” With Edmunds leading the fundraise, Entrata quickly drummed up interest from its fellow Utah tech leaders and investors who knew them well, putting together the half-billion-dollar war chest it can use to make acquisitions and grow faster outside the U.S. At Silver Lake, co-CEO Egon Durban said his firm was impressed by Bateman’s ability to build Entrata organically (not by acquisition), “brick-by-brick” to date.
Funding
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