Entrata at $575m ARR Growing 23% Is First of the Next Wave of PE-Backed Software IPOs. The Catch: Almost None of Them Are Accelerating. (opens in new tab)

Entrata filed its S-1 on May 28 to list on the NYSE under the ticker “ENT.” It’s the multifamily property management Operating System out of Lehi, Utah, founded way back in 2003, with Silver Lake holding majority control since 2022. The numbers are solid but not jaw-dropping. $500m+ ARR, growing 23%, cash-flow positive. What does...