Entrata reveals 23% revenue jump as real estate software firm files for US IPO
May 28 : Entrata filed for a U.S. initial public offering on Thursday, revealing a 23 per cent revenue surge in the first three months of 2026, as software firms show early signs of a comeback to the IPO market.
The Lehi, Utah-based property management software company reported a net income of $23.3 million on revenue of $143.5 million in the three months ended March 31, compared with net income of $13.9 million on revenue of $116.6 million a year earlier.
The filing sets the stage for a litmus test of investor appetite for software listings, with the industry largely absent from the IPO market this year on fears of disruption from AI.
Blackstone-backed mobile app marketing firm Liftoff also refiled in April for an IPO, two months after shelving an earlier attempt as software stocks sold off.
"Technology has been the missing pillar of the 2026 IPO market, largely due to the Q1 software selloff, but the start of a rebound now looks imminent based on these filings from Entrata and Liftoff," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"Investors will still scrutinize the extent to which AI could disrupt these businesses, so they'd better have a convincing answer to that question."
Entrata's platform lets property managers and residents handle tasks such as tracking work orders, managing finances and processing online payments. It focuses on the U.S. multifamily housing sector and has served 2.5 million units as of March 31.
Founded in 2003, Entrata's major backers include investment firms Silver Lake, TPP Capital Advisors, and Dragoneer Investment Group.
In 2025, it secured a $200 million minority investment from asset manager Blackstone at a $4.3 billion valuation.
Goldman Sachs, J.P. Morgan and Barclays are among the underwriters. Entrata will list on the NYSE under the symbol “ENT.”
