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Lehi—Property Solutions, the multifamily industry’s newest Platform as a Service (PaaS) provider, announced today it has reached $100 million in recurring annual revenue, making it the fastest growing software company in real estate.
Property Solutions is one of a few technology companies to scale to this size without raising venture capital. In 2014, the company reported earnings of $71 million, a 42 percent increase in revenue growth from 2013.
The rapid revenue growth is driven by Entrata PaaS — the recently-launched property management software application with full purchasing and facilities management capabilities. The Entrata platform offers the multifamily property manager more than 20 technology solutions behind a single login on a unified code base.
“Entrata’s multi-tenant architecture and broad browser support differentiate it from other first-generation web technologies in the space,“ said Dave Bateman, chief executive officer, Property Solutions. “Simply put, our architecture makes us nimble. We can move faster; we innovate more quickly.”
Ten percent of the 3 million apartment homes using the company’s tools have moved to the full property management solution. In addition, nearly 100 multi-family solution providers have integrated with the open – and free – Entrata API.
“Entrata has allowed us the freedom to manage our entire portfolio with one, comprehensive solution,” said Julie Bonnin, chief operating officer of Asset Campus Housing, one of the largest student housing companies with over 70,000 beds throughout the United States. “Prior to Entrata, no system had ever accommodated the challenges that are unique to our business.”
Property Solutions processes more than $14 billion in annual rent payment volume. In addition, the Property Solutions Leasing Center, a call answering service established in 2012 to perform property-level tasks for communities nationwide, has grown more than ten times since its inception. The service has processed more than 1.8 million calls and 200,000 work orders, and assisted in the signing of more than 600,000 leases.
“We’ve just started to scratch the surface of what this platform can do,” said Chase Harrington, chief strategy officer of Property Solutions. “We will continue disrupting the market in a way unparalleled in the multifamily world to innovate and exceed the future technology needs of the industry.”