Entrata, a leading property management system for the multifamily industry, has acquired Colleen AI, a leader in property management artificial intelligence (AI).
According to Entrata, incorporating Colleen AI into its operating system will further the ability to automate property operations. Through the acquisition, Entrata is introducing ELI+, an elevated suite of AI products. Operators will have immediate access to collections and renewals modules powered by AI, and additional modules, including leasing, will be unveiled 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 CEO Adam Edmunds. “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, net operating income.”
The new AI offerings sit across Entrata’s operating system to provide “automation, workflow management, and orchestration.” In addition, ELI+ leverages the thousands of data variables in the operating system to automate and contextualize every resident interaction. For example, according to the company, if a conversation begins for an amenity reservation, the AI tool can satisfy that request and then can seamlessly shift the conversion to other tasks, such as the early renewal process.
“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 operating system, 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.”
For Entrata, Wilson Sonsini Goodrich & Rosati served as legal counsel and J.P.Morgan Securities served as financial adviser. Goldfarb Gross Seligman served as legal counsel for Colleen AI. As part of the acquisition, Colleen AI shareholders, including Wilshire Lane Capital, will become shareholders of Entrata.
