Ara Mahdessian and Vahe Kuzoyan had a easy plan after graduating from faculty: Write some software program that would help their dads with all of the paperwork that comes with being a contractor.
20 years later, that concept has morphed right into a Glendale firm referred to as ServiceTitan, which final 12 months served some 8,000 plumbing, HVAC, janitorial and different corporations with a soup-to-nuts software program suite — and now plans to go public on Nasdaq beneath the ticker “TTAN.”
The tech firm, which has raised about $1.4 billion in funding since its 2007 founding, didn’t disclose within the Nov. 18 submitting what number of shares it plans to promote or how a lot capital it desires to boost. A spokesperson declined to remark.
The preliminary public providing of inventory marks a big step for the corporate, which had filed confidential paperwork for an $18-billion providing in 2022, in keeping with Enterprise Insider, however didn’t transfer ahead after the Federal Reserve sharply raised rates of interest to fight inflation, freezing up the IPO market.
ServiceTitan — which makes most of its cash charging a subscription for its providers — reported income of $614 million within the fiscal 12 months that ended Jan. 31, up practically a 3rd from a 12 months earlier; and a lack of $195 million, 28% lower than in fiscal 2023. It had about $147 million in money and equivalents readily available as of Jan. 31, 2024, and was carrying $175 million in long-term internet debt.
The corporate, which serves contractors nationwide, says it desires to develop the variety of trades and markets it serves. It employed 2,870 staff as of July 31 at its Glendale headquarters and t places of work elsewhere within the U.S. and internationally.
ServiceTitan has developed a web-based software program that may handle all facets of a contractor’s enterprise, together with reserving appointments, producing estimates, processing invoices in addition to payroll and dispatching staff. Shoppers vary in dimension from family-owned contractors to massive nationwide franchises.
It estimates it receives about 1% of what its shoppers cost their very own clients, which totaled $62 billion within the 12 months that ended July 31. Rivals embody BuildOps, Housecall Professional, Jobber and different firms that cost subscriptions for his or her web-based enterprise administration software program.
The founders immigrated to the USA within the Eighties as youngsters: Mahdessian, 39, from Iran and Kuzoyan, 41, from Armenia. Mahdessian’s father began a contracting enterprise, and Kuzoyan’s, plumbing. Mahdessian went off to Stanford and Kuzoyan obtained into USC, with the pair assembly at an Armenian college students occasion.
After commencement, they began in 2007 constructing a easy program to trace buyer calls and advertising and marketing budgets, however their enterprise quickly attracted different contractors. The duo scored a seed spherical of funding from Mucker Capital in 2014.
ServiceTitan additionally has gone on to make acquisitions and lift greater than $1 billion from Iconiq Development, Bessemer Enterprise Companions, Battery Ventures and others. Iconiq is the most important institutional shareholder of ServiceTitan, holding 24% of Class A shares.
The corporate’s share construction will be sure that management stays with the founders — Mahdessian is chief govt and Kuzoyan president — who will retain all Class B shares, that are entitled to 10 votes every.
Meritech Capital, in an evaluation of the providing, mentioned ServiceTitan seems to be keen to go public on account of an uncommon provision of its $365-million funding spherical in November 2022 when cash was tougher to return by. A so-called “IPO ratchet” protected members by guaranteeing them extra shares ought to the corporate’s IPO worth decline under its funding-round valuation.
PitchBook valued the corporate at $7.6 billion on the time, which means the IPO must commerce above a “base” of $84.57 per share or ServiceTitan should concern extra shares, Meritech mentioned. The base per share worth additionally compounds after a sure time, making it harder for the IPO worth to exceed it.
“ServiceTitan is incentivized to get public ASAP,” Meritech said in its report.
Lead underwriters on the IPO are Goldman Sachs Group, Morgan Stanley, Wells Fargo and Citigroup. The providing is predicted to be watched intently for indicators that the IPO market is making a comeback.
Enterprise
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