Cloud Software Company Servicetitan Files To Hold IPO

11/23/2024 6:42:04 AM

(MENAFN- Baystreet) ServiceTitan, a U.S. based company that sells cloud software to contractors such as plumbers and roofers, has filed to hold an initial public offering (IPO) on the nasdaq exchange.

The exact date of the IPO has yet to be determined, but ServiceTitan will trade under the ticker symbol“TTAN.”

ServiceTitan is one of only a few sizable technology IPOs this year after earlier public debuts by Reddit (RDDT) and Rubrik (RBRK).

Based in Glendale, California, ServiceTitan makes cloud software for advertising, scheduling jobs, dispatching workers, invoicing clients, and receiving payments.

The company had a $35.7 million U.S. net loss on $193 million U.S. in revenue in the quarter that ended on July 31 of this year, according to its IPO filing.

Revenue at ServiceTitan increased 24% year-over-year, and the quarterly loss narrowed from $52 million U.S.

The company was founded in 2007 and initially focused on small- and medium-sized businesses. However, it has started selling to bigger clients and construction customers.

ServiceTitan plans to keep up to 5% of shares in the IPO for eligible clients, employees, the founders' friends and family members, and others through a directed share program.

Earlier venture investors in the software company include Iconiq and TPG. Iconiq on its own controls 24% of the company's Class A shares.

Competitors of ServiceTitan include Salesforce (CRM) and SAP (SAP), along with specialty companies such as HouseCall Pro and Jobber.

Goldman Sachs (GS), Morgan Stanley (MS), and Wells Fargo (WFC) are underwriting the IPO.

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