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Here’s why ServiceTitan was on the clock to go public

This original agreement set ServiceTitan’s hurdle rate to $84.57 a share or higher to avoid having to give certain investors more shares. Since the deadline has already passed, that hurdle is closer to $90 a share, Meritech estimated. The longer ServiceTitan waited, the higher that hurdle would go up. If a company goes public at a higher valuation than their last previous round, this clause essentially goes away.

Product Features

At $39 per user per month, Praxedo offers one of the most affordable options for field management software on the market. The company is also based in Europe and caters to users in North America and Europe. Given the price point, there are fewer customization options available. LOS ANGELES, November 18, (BUSINESS WIRE)--ServiceTitan, Inc. (ServiceTitan), the software platform that powers the trades, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its Class A common stock.

When you have a particularly difficult or involved job coming up, you often can't just schedule it like an average repair call or maintenance videforex review visit. “ServiceTitan is incentivized to get public ASAP,” Meritech stated in its report. ServiceTitan also has gone on to make acquisitions and raise more than $1 billion from Iconiq Growth, Bessemer Venture Partners, Battery Ventures and others.

So in summary, while ServiceTitan has a higher price point than some competitors, it provides an all-in-one software solution built specifically for trades businesses. The cost can vary widely based on the size of your company and the specific features required. Our iOS and Android apps are designed around the needs of team managers in the construction business.

• You simply need to fill in a few simple details in order to get quick, no obligation comparable quotes from top software companies.
• Lead underwriters on the IPO are Goldman Sachs Group, Morgan Stanley, Wells Fargo and Citigroup.
• As one of the most popular field service softwares out there, ServiceTitan comes with an impressive selection of features that will turn your business into a well-oiled machine.
• According to the filing, 5% of shares after the IPO will go to family and friends of the cofounders, unnamed customers and others.
• The company reported $685 million in revenue and a net loss of $183 million for the 12-month period that ended on July 31, 2024, according to its S-1.

What Additional Features Are Included In Field Service Management Software (FSM)?

ServiceTitan is one of the most popular field service software on the market, even at the higher price point, which is worth noting. Fortunately, you can get a customized quote right now by using our free quotes tool, if only to make sure it’s not too far outside of your budget. The change allowed Tiger Services’ dispatchers to start assigning their closest tech to a new job, and to dispatch jobs without endless SMS texts or calls. The technicians are happier, too, as a two-way communication features lets them respond easily from their vehicles while staying hands-free. Operating out of the St. Louis metropolitan area, Tiger Plumbing, Heating, Air Conditioning and Electrical Services manages 28 vehicles and technicians across 160 square miles of service area. Adding the TomTom Telematics system, integrated with ServiceTitan, allowed the operation to see on-the-go technicians’ locations in real time.

The key is to fully embrace the platform and adapt workflows to leverage its capabilities. ServiceTitan is an all-in-one cloud-based software platform designed to help home and commercial contractors manage their businesses more efficiently. The forms tab provides service personnel with templates for checklists, agreements, and surveys. The mobile app highlights required forms for specific jobs to ensure nothing slips through the cracks on an onsite job. We see something of our fathers in each contractor we meet — a drive to build a better business and a better life. ServiceTitan is on a mission to serve these men and women of the field services trades with the tools, training and support to build their businesses and achieve all their goals.

There were basically no tech initial public offerings in 2021 or 2022 as central bankers pushed up interest rates to flight inflation, making investors less willing to bet on money-losing challengers. PitchBook valued the company at $7.6 billion at the time, meaning the IPO needs to trade above a “base” of $84.57 per share or ServiceTitan will have to issue more shares, Meritech said. The base per share price also compounds after a certain time, making it more difficult for the IPO price to exceed it. After graduation, they started in 2007 building a simple program to track customer calls and marketing budgets, but their venture soon attracted other contractors. The duo scored a seed round of funding from Mucker Capital in 2014.

The company let go of 221 people after previously acquiring FieldRoutes, a software developer for the lawn care industry, and Schedule Engine, an online booking app, in 2022. News sources said ServiceTitan admitted in a company email that it burned through $170 million in cash in 2022 alone. Gain valuable insights into company performance along with the solutions you need to execute changes and improvements. The company was founded by Ara Mahdessian and Vahe Kuzoyan, who had been working on ServiceTitan since 2007. They are both children of service contractors, and when they discovered that the type of software their family could use to help run their business better did not exist, they set out to build it themselves. ServiceTitan is best for companies who need extensive customization options and are looking for one software that can manage all of the capabilities of their business.

LLC and Morgan Stanley will act as lead book-running managers for the proposed offering. Wells Fargo Securities and Citigroup will act as additional book-running managers. KeyBanc Capital Markets, Truist Securities, Canaccord Genuity, Needham & Company, Piper Sandler, Stifel and William Blair will act as passive bookrunners. First Citizens Capital Securities, Academy Securities and Loop Capital Markets will act as co-managers.

Service Scheduling Software empowers service businesses with the tools they need to schedule appointments with customers, manage technician schedules, assign jobs to field technicians, and more. ServiceTitan is a cloud-based software platform built to power trades businesses. The company’s end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

With a bevy of helpful features, this heavy-duty platform can handle everything from basic field service process to complicated marketing procedures. And while many reviews state the price is on the higher end of the field service software spectrum, the robust capabilities make it more than worth it. As one of the most popular field service softwares out there, ServiceTitan comes top earning freelance jobs in 2021 you need to know about with an impressive selection of features that will turn your business into a well-oiled machine. From scheduling to marketing, this software will completely transform your pool service or HVAC company for the better. By providing an all-in-one solution tailored to the needs of trades businesses, ServiceTitan helps contractors streamline operations, increase efficiency, and grow revenue. The platform is used by over 11,800 customers in industries like HVAC, plumbing, and electrical.