Entrata Acquires Colleen AI to Usher in New Era of Autonomous Property Management

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Jun 20, 2024, 10:00 ET

Acquisition enables operators to automate workflows end-to-end through a new AI product suite, ELI+

LEHI, Utah, June 20, 2024 /PRNewswire/ -- Entrata®, a leading AI-enabled multifamily Operating System (OS), today announced its acquisition of Colleen AI, immediately furthering its ability to automate property operations. By incorporating Colleen AI into the Entrata OS, operators can take the next step towards autonomous property management, introducing a new era for the industry.

Entrata's vision of the future has Autonomous Property Management™ at its core, making workflows increasingly automated and portfolios more efficient while simultaneously delivering an elevated resident experience. With the unprecedented adoption of Entrata Layered Intelligence™ (ELI™), the acquisition of Colleen AI further bolsters AI capabilities across the Entrata OS.

Transformative efficiency through end-to-end AI workflow automation

Through the acquisition of Colleen AI, Entrata is introducing ELI+™, an elevated suite of AI products to power end-to-end workflows. ELI+ is for operators looking to harness the power of AI to transform their business through automation for even more efficiency. It's designed to be modular and allows for swift enhancement utilizing modern AI and machine learning technology, giving operators the most up to date functionality. Operators will have immediate access to AI-powered collections and renewal modules, with additional modules, including leasing, in the coming months.

"The acquisition of Colleen AI significantly accelerates our vision of Autonomous Property Management while immediately providing our customers with comprehensive AI capabilities, market-ready functionality, and a team of multifamily AI experts," said Adam Edmunds, CEO of Entrata. "Through this combination, operators can power end-to-end automated workflows and interactions. This, in turn, will allow teams to concentrate on meaningful resident connection and high impact tasks to positively impact the resident experience and, ultimately, NOI."

Increased data quality for more contextual AI

Entrata's new AI products sit across the OS to provide the ultimate automation, workflow management, and orchestration. There are thousands of data variables within the Entrata OS, and ELI+ leverages all of them to automate and contextualize every interaction — a clear advantage over other, non-native AI solutions. These data sources in Entrata are comprehensive and native to the OS to allow for high quality inputs.

This technology consolidation enables Conversational Context Switching™, which contextualizes each interaction through data and workflows for each resident, made possible by the single data source. For example, if a conversation begins for an amenity reservation, AI can easily satisfy the original request and then seamlessly shift the conversation to other priority tasks, such as beginning an early renewal process.

In addition, by embracing an OS with a native AI layer, like ELI+, site teams don't need to switch or become bogged down by disparate tech. Operating in one system that teams are familiar with allows for rapid re-prioritization of activities through workforce redeployment.

"One of the key challenges to effective AI is high-quality and current data," said Itamar Roth, CEO and co-founder of Colleen AI. "By introducing Colleen AI as native technology to the Entrata OS, the efficacy will be unmatched in the multifamily industry, dramatically accelerating the possibilities for autonomy in many areas that don't exist today. We are thrilled about the innovation potential this combination brings."

As part of the transaction, shareholders of Colleen AI, including Wilshire Lane Capital, will become shareholders of Entrata, Inc.

More information on ELI+ can be found here.

Advisors
Wilson Sonsini Goodrich & Rosati served as legal counsel to Entrata. J.P. Morgan Securities LLC served as financial advisor to Entrata. Goldfarb Gross Seligman served as legal counsel for Colleen AI.

About Entrata
Entrata is a leading operating system for multifamily communities worldwide. Setting the bar for innovation in property management software since 2003, Entrata offers solutions for every step of the leasing lifecycle and empowers owners, property managers, and renters to create stronger communities. Entrata currently serves over three million residents across more than 20,000 multifamily communities around the globe. Learn more at www.entrata.com.

SOURCE Entrata