Entrata Acquires Colleen AI
Entrata acquirers Colleen AI to automate property operations through a new AI product suite called ELI+ (Entrata Layered Intelligence).
Tech News
June 20, 2024, Lehi, Utah
Today Entrata, Lehi, Utah-based operating system for owners and operators of multi-family residential centers, announced it has acquired Colleen AI, an AI-powered real estate management platform headquartered in Daytona Beach, Florida. Terms of the transaction were not disclosed. The acquisition will further Entrata's ability to automate property management operations and provide property managers with improved workflows of routine tasks.
Entrata is striving to make Autonomous Property Management a reality, simplifying collecting rent, assisting with move-ins and move-outs, and other monotonous tasks, while simultaneously delivering an elevated resident experience for tenants, according to the company.
The acquisition of Colleen AI will also enable Entrata to introduce a new product, ELI+, an elevated suite of AI products to power end-to-end workflows. ELI+ is designed to be modular and allows for swift enhancement utilizing modern AI and machine learning technology, giving property managers modern functionality in the form of new platform modules such as collections and renewals. In the coming months, Entrata plans to release additional ELI+ modules, including leasing.
“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.”
Entrata’s new AI products sit across the OS to provide the ultimate automation, workflow management, and orchestration. Entrata's OS can handle thousands of data variables, according to the company. ELI+ leverages all of them to automate and contextualize every interaction—representing an advantage over other, non-native AI solutions.
The combined technology of Entrata and Colleen enables "Conversational Context Switching," a functionality that 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+, property site teams can use a single familiar platform and avoid being encumbered by disparate tech. Operating in one familiar system allows property managers to rapidly re-prioritize 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.
The transaction was facilitated by Wilson Sonsini Goodrich & Rosati which 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.
Since 2003, Entrata has been offering property management solutions for every step of the leasing lifecycle. Entrata currently serves over three million residents across more than 20,000 multifamily communities around the globe.
In July 2023, Entrata acquired Logan, Utah-based Rent Dynamics, a provider of financial tools for multi-family residents, as covered by TechBuzz News.
Learn more at www.entrata.com.