ServiceTitan, a software startup valued at $9.5 billion, files for U.S. IPO on Nasdaq

ServiceTitan, a software startup that develops tools for home services businesses, filed paperwork on Monday for an initial public offering (IPO) in the U.S. The Glendale, California-based company plans to list its shares on the Nasdaq under the ticker symbol “TTAN.” The offering will be underwritten by a consortium of major financial institutions, including Goldman Sachs, Morgan Stanley, Wells Fargo, and Citigroup.

The company, which was last valued at $9.5 billion after a Thoma Bravo-led funding round in 2021, did not disclose the number of shares it intends to sell or the price range for the IPO, Reuters reported. This move comes as the U.S. IPO market shows early signs of revival after nearly two years of subdued activity, driven by improving investor sentiment and easing fears of a recession.

From Niche Startup to Industry Leader

Founded in 2013 by Vahe Kuzoyan and Ara Mahdessian, ServiceTitan builds service management software for home services businesses, including HVAC, plumbing, electrical, and other trades. The company’s platform helps these businesses streamline operations by generating leads, booking appointments, and increasing sales.

While many startups chase emerging technologies like AI or IoT, ServiceTitan took a different path—focusing on the often-overlooked but critical needs of residential service businesses. Its approach has paid off, positioning the company as the industry’s leading all-in-one software provider for the home services sector.

A Journey Rooted in the American Dream

ServiceTitan’s origin story reflects the entrepreneurial spirit of its founders and the sacrifices of their immigrant families. In a post on the company’s website, Mahdessian described how the company’s journey began:

“When Vahe and I tell it, we often say that it started in college, where we first met. But the truth is that the story started long before that, when both of our families first immigrated to this country. When they did, they did so with no money. No jobs. No language skills. But they worked extremely hard to build a life for us, to put food on the table, and to put us through school.”

Rather than pursuing high-profile tech jobs after graduating from Stanford and USC, the pair chose to return home to help their families’ plumbing and air conditioning businesses. “We owed it to them,” Mahdessian wrote, reflecting on the dedication and sacrifices their parents made to ensure they had opportunities for a better life.

Since its inception a little over a decade ago, ServiceTitan has consistently attracted high-profile investors. We reported on ServiceTitan in 2019 after it raised $165 million in a Series D round led by Index Ventures, bringing its valuation to $1.65 billion. The company’s ability to scale within a niche industry without relying on flashy technologies has resonated with investors, positioning it as a standout success in the software space.

IPO Signals a New Chapter

As ServiceTitan prepares for its IPO, its success story highlights the power of identifying and solving niche problems. By focusing on home services—a sector often overlooked by Silicon Valley—the company has built a robust platform that continues to drive value for its clients.

The IPO not only marks a significant milestone for ServiceTitan but also signals a possible resurgence in the broader U.S. IPO market, giving other startups hope for new growth opportunities. Whether ServiceTitan can continue to grow and thrive as a public company remains to be seen, but its journey so far serves as a testament to the potential of niche-focused innovation.