Meet Utah's newest software unicorn:
, 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. “It’s a chance to come in with a new-school approach and big new backers and say, ‘Hey, what could this look like?’” Smith said.
That means a shift in priorities under Edmunds, although he and Bateman both maintain that Bateman will remain involved at a high level. Edmunds had taken a few months off after leaving Podium during the pandemic to focus on his health; Bateman, who had recently relocated to Puerto Rico, had experienced his own health issues, he said. “I’ve always been a product guy, deep in my own code,” Bateman said. “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 , “brick-by-brick” to date. A change of tactics could mean a faster route to a $1 billion-in-revenue business.
As for the end goal for Entrata, Durban demurred about an imminent IPO. “The great thing about a business like this is it will have every option in play down the road,” he said. Smith, with whom Silver Lake partnered on his recent Qualtrics IPO, more bluntly said he could see Entrata as a public company within two years.
For Bateman, the interest in his business is vindication, regardless of any stock market opening bell. “We felt if we built the product right, we would see the market come running,” he said. “We are seeing that now.”
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