ServiceTitan, a platform for building services professionals, is the latest heavily-funded software unicorn to file publicly for a U.S. IPO.
The Glendale, California-based company, which provides cloud-based software for residential and commercial HVAC, plumbing, electrical and other field-service businesses, filed its S-1 Monday. Founded in 2012, the company had previously raised at least $1.5 billion from a long list of venture and private equity backers.
The filing did not specify how much the company intends to raise in the offering, or how many shares it plans to sell.
However, ServiceTitan did shed some light on its financials. For the six-month period ending July 31, it pulled in $348 million in revenue, up 26% from the same period in 2023. Net loss for that period totaled $92 million in 2024, down 12% from a year ago.
Much of the loss stems from high spending on sales and marketing ($116 million for the six months ending July 31) and on R&D ($121 million for the same period). Not including these or administrative expenses, ServiceTitan said its gross profit was $233 million.
The company’s decision to move ahead with a market debut doesn’t come as a surprise. ServiceTitan has been a perennial favorite on lists of likely IPO candidates, including a January forecast from Crunchbase News.
Among unicorns, it’s also one of the best known and more valuable names. The company was reportedly valued at $9.5 billion following a 2021 funding round, near the market peak. It’s unclear what valuation the company would currently fetch.
Should the planned offering prove successful, it could provide a path to liquidity for a number of prominent investors who’ve funded it over the years. Per the S-1, the largest holders of ServiceTitan’s Class A common stock include ICONIQ Growth (24%), Bessemer Venture Partners (13.9%), Battery Ventures (7.5%), and TPG (6.4%).
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