On Monday, the Armenian-founded software tech giant ServiceTitan officially filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) and is set to list its shares on the Nasdaq Global Select Market under the ticker ‘TTAN’, reports Zartonk Media.
The company, founded by Armenian entrepreneurs Ara Mahdessian and Vahe Kuzoyan in 2012, is a Glendale, California-based cloud software platform for trade businesses, serving residential and commercial contractors, particularly in sectors like HVAC (heating, ventilation, and air-conditioning). Over the years, ServiceTitan has emerged as a prominent player in a niche market, gaining momentum during the COVID-19 pandemic due to increased demand for home renovation services. This surge in demand led to a confidential IPO filing in early 2022, as reported by Reuters.
While details about the number of shares to be listed and the anticipated price range were not disclosed on Monday, The Wall Street Journal reported that ServiceTitan plans to go public next month, citing sources familiar with the matter. The company’s public debut coincides with a wave of high-profile startups preparing for U.S. listings amid improving investor sentiment driven by expectations of a soft economic landing. Companies such as Klarna and Genesys are also reportedly preparing U.S. listings.
In its fiscal year 2024, which ended on July 31, ServiceTitan reduced its loss attributable to common stockholders to $241 million, down from $283 million in the previous fiscal year. During the same period, the company achieved 31% revenue growth, reaching $614.3 million. This strong financial performance comes as ServiceTitan prepares for a U.S. listing, contributing to the recovery in initial public offerings and highlighting the company’s growing market influence.
ServiceTitan plans to use the proceeds from the IPO primarily to redeem outstanding shares of its non-convertible preferred stock, with additional funds allocated to acquisitions, investments in other businesses, and general corporate purposes. Notably, the company will allow some eligible customers, as well as friends and family members of its co-founders, to purchase shares in the IPO.
The IPO will be underwritten by leading financial institutions, including Goldman Sachs & Co., Morgan Stanley, Wells Fargo Securities, and Citigroup.
With over 2,800 employees across offices in Glendale, Atlanta, and Yerevan, Armenia, ServiceTitan continues its mission to become “the operating system for the trades,” revolutionizing the way contractors manage their businesses and enhancing profitability.
