YEREVAN, 19 November. /ARKA/. One of the world’s leading cloud software development companies, ServiceTitan, has applied for an IPO on the Nasdaq exchange under the ticker ‘TTAN’, the stock exchange’s website reported.
The unicorn company, founded in Glendale, California, in 2012 by Armenian natives Ara Magdesian and Vahe Kuzoyan, produces cloud-based software for residential and commercial heating and ventilation systems, plumbing, electrical and other service businesses.
ServiceTitan has raised a long-term venture capital investment of at least $1.5bn. For the 6-month period ended 31 July 2023, the company generated revenue of $348m, recording a 26% growth over the same period in 2023.
Meanwhile, the net loss was $92 million, down 12%. Most of the expenses were in sales and marketing ($122 million) and research and development ($121 million)
The company said it made a gross profit of $233 million net of administrative expenses
‘The company’s decision to make its market debut came as no surprise. ServiceTitan has been a perennial favourite on lists of likely IPO candidates, including a January forecast from Crunchbase News,’ the exchange said.
ServiceTitan is one of the best-known unicorns. It was valued at $9.5bn after its 2021 funding round. It’s unclear how much it will be valued at now.
The largest holders of Servicetitan common stock are Iconiq (24%), Bessemer Venture Partners (13.9%), Battery Ventures (7.5%) and TPG (6.4%).-0-
