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ServiceTitan Files for $750 Million IPO Under $TTAN, Reports $685 Million Revenue and 23% YoY Gross Transaction Volume

Nov 18, 2024, 07:05 PM

ServiceTitan, a cloud software platform specializing in business management for trades, has filed for an initial public offering (IPO) on Nasdaq under the ticker symbol $TTAN. The company is seeking to raise an estimated $750 million. In its S-1 registration statement, ServiceTitan reported a revenue of $685 million, marking a 24% year-over-year increase, alongside a gross transaction volume of $62 billion, which is up 23% year-over-year. The company also disclosed a net loss of $183 million, representing a 31% improvement from the previous year. ServiceTitan's gross dollar retention rate exceeds 95%, while its net dollar retention rate is above 110%. The platform boasts non-GAAP gross margins of 77% and overall platform gross margins of 72%. This filing comes as part of a broader IPO season, highlighting the growing interest in tech-driven solutions within the trades sector.