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ServiceTitan on Monday reported an increase in revenue and a narrowing of its loss for the quarter that ended in July, as the software startup prepares for a U.S. IPO that would extend the recovery IPOs.
The Glendale, Calif.-based company joins a host of high-profile startups looking to go public, as strengthening bets of a soft landing for the U.S. economy improve investor sentiment .
Swedish buy now, pay later platform Klarna and Genesys, a developer of AI-based call center software, are also among the big tech companies poised to enter on the stock market in the United States.
Founded in 2012 by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has established itself as a leading player in a niche market, creating software used by technician-run businesses serving the HVAC (heating, ventilation and air conditioning) sector. ).
The company was valued at $9.5 billion following a funding round led by Thoma Bravo- in 2021. Its investors include Battery Ventures, Bessemer Venture Partners and ICONIQ Growth.
Its business was supported by the COVID-19 pandemic, which boosted demand for home renovation services. That led the company to confidentially file for an IPO in early 2022, Reuters reported last year.
The company reported a loss of $35.65 million for the quarter ended July 31, compared with a loss of $51.54 million a year earlier. Its revenue increased 23.7% to $192.99 million during this period.
ServiceTitan expects its shares to trade on Nasdaq under the symbol “TTAN.”
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup are the lead underwriters of the offering.
The company will allow certain eligible customers, friends and family members of its co-founders to purchase shares in the IPO.
It plans to use part of the proceeds from the transaction to repurchase preferred stock and the rest for general business purposes.
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