{"id":255504,"date":"2024-11-19T13:34:26","date_gmt":"2024-11-19T13:34:26","guid":{"rendered":"https:\/\/armbanks.am\/2024\/11\/19\/255504\/"},"modified":"2025-01-02T12:17:30","modified_gmt":"2025-01-02T12:17:30","slug":"armenian-founded-company-servicetitan-applies-for-an-ipo-on-nasdaq","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2024\/11\/19\/255504\/","title":{"rendered":"Armenian-founded company ServiceTitan applies for an IPO on\u00a0 Nasdaq"},"content":{"rendered":"\n<p><strong>YEREVAN, 19 November. \/ARKA\/. <\/strong>One of the world&#8217;s leading cloud software development companies, ServiceTitan, has applied for an IPO on the Nasdaq exchange under the ticker \u2018TTAN\u2019, the stock exchange&#8217;s website reported.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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)<\/p>\n\n\n\n<p>The company said it made a gross profit of $233 million net of administrative expenses<\/p>\n\n\n\n<p>\u2018The company&#8217;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,\u2019 the exchange said.<\/p>\n\n\n\n<p>ServiceTitan is one of the best-known unicorns. It was valued at $9.5bn after its 2021 funding round. It&#8217;s unclear how much it will be valued at now.<\/p>\n\n\n\n<p>The largest holders of Servicetitan common stock are Iconiq (24%), Bessemer Venture Partners (13.9%), Battery Ventures (7.5%) and TPG (6.4%).-0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the world&#8217;s leading cloud software development companies, ServiceTitan, has applied for an IPO on the Nasdaq exchange under the ticker \u2018TTAN\u2019, the stock exchange&#8217;s website reported.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[],"class_list":{"0":"post-255504","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/255504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=255504"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/255504\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=255504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=255504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=255504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}