ServiceTitan, which provides business management software for services contractors, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise $750 million.
ServiceTitan provides an end-to-end, cloud-based software platform that connects and manages a wide array of business workflows for the trades industry. The company serves many trades, including plumbing, electrical, HVAC, garage door, pest control, landscaping, and others, and its customers range in size from family-owned contractors to large franchises. In the 12 months ended July 31, 2024, ServiceTitan processed $62 billion of Gross Transaction Volume, and as of January 31, 2024, it had approximately 8,000 Active Customers, or customers with over $10,000 of annualized billings.
ServiceTitan is the latest US tech unicorn to join the pipeline, following AI chipmaker Cerebras Systems (CBRS), which filed for an estimated $800 million IPO in September. New issuance from VC-backed tech issuers has stalled in the past few years, but strong returns from the group point to a pickup in 2025.
The Glendale, CA-based company was founded in 2007 and booked $685 million in revenue for the 12 months ended July 31, 2024. It plans to list on the Nasdaq under the symbol TTAN. ServiceTitan filed confidentially on February 29, 2024. Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Citi, KeyBanc Capital Markets, Truist Securities, Canaccord Genuity, Needham & Co., Piper Sandler, Stifel, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
