Toast for the trades.

Shopify for local service businesses.

• Core Product: A base-level, cloud-based software platform providing essential functionalities across key workflows for trades businesses, such as call tracking, scheduling, dispatching, and CRM.
• Pro Products: Value-additive software modules that supplement the Core product, offering higher levels of functionality and specialized capabilities for trades businesses.
• FinTech Products: Integrated financial technology solutions within the platform, encompassing payment processing and third-party consumer financing options for trades businesses.

ServiceTitan (TTAN) primarily sells its cloud-based software platform to other companies, specifically "trades businesses." The provided description does not list individual names of its major customer companies, nor does it indicate that any of its direct business customers are publicly traded entities. Instead, ServiceTitan serves a broad range of privately-owned businesses within the trades industry.

Based on the provided information, the customers can be categorized by the type and size of trades business they operate:

1. Diverse Trades Businesses: ServiceTitan's platform is designed for businesses across a wide array of field service activities. These include, but are not limited to, plumbing, electrical, HVAC (heating, ventilation, and air conditioning), garage door services, pest control, and landscaping companies.
2. Small to Mid-Sized Contractors: Many of ServiceTitan's customers are family-owned contractors or independent businesses with a few employees. These businesses utilize the platform to manage their daily operations, from scheduling and dispatching to invoicing and payment processing.
3. Large Franchises and Enterprise Customers: ServiceTitan also caters to larger organizations within the trades, including big franchises with national footprints. Some of these customers have over 500 locations and generate over $1 billion in annual Gross Transaction Volume (GTV) through the platform. This demonstrates the platform's scalability to support significant operations.

In summary, ServiceTitan's customer base consists of trades businesses of varying sizes across numerous service sectors, all leveraging the platform to streamline operations and enhance their service delivery.

Ara Mahdessian, Co-founder and CEO

Ara Mahdessian is the co-founder and CEO of ServiceTitan, which he co-founded in 2007 (initially as LinxLogic, Inc.) and has served as CEO since its inception. Born in the trades, he grew up observing his father, a residential contractor, manage his business manually. Mahdessian, an Armenian immigrant from Iran, graduated from Stanford University with degrees in Management Science and Computer Science. He and co-founder Vahe Kuzoyan started ServiceTitan to provide technology to tradespeople.

Vahe Kuzoyan, Co-founder and President

Vahe Kuzoyan is the co-founder and President of ServiceTitan. Inspired by his father, a plumber who experienced frustration with the lack of technology in the industry, Kuzoyan co-founded ServiceTitan with Ara Mahdessian to address this need. He is responsible for defining the company's overall product strategy and overseeing product development. Kuzoyan earned a Bachelor of Science in computer science, neuroscience, and business administration from the University of Southern California.

Dave Sherry, Chief Financial Officer

Dave Sherry has served as ServiceTitan's Chief Financial Officer since June 2023. Prior to joining ServiceTitan, he held CFO positions at QuintoAndar from May 2019 to June 2023 and at Lightspeed Commerce Inc. from January 2014 to February 2018. He also worked as a Growth Operating Partner at Accel, a venture capital firm, from June 2018 to May 2019, and held roles at TPG and McKinsey & Co. Sherry holds a B.B.A. from the University of Michigan and an M.B.A. from Stanford University Graduate School of Business.

Anmol Bhasin, CTO

Anmol Bhasin is the CTO at ServiceTitan, a position he has held since December 2021. His extensive background includes senior engineering roles at Salesforce, Groupon, and LinkedIn, where he specialized in AI, search technologies, and data platforms. Bhasin holds an MBA from The Wharton School and an MS in Computer Science from the University at Buffalo.

1. Sustained Operating and Net Losses: ServiceTitan has consistently incurred significant losses from operations and net losses in recent fiscal periods. For example, the company reported operating losses of $221.9 million and $182.9 million in fiscal 2023 and fiscal 2024, respectively, along with net losses of $269.5 million and $195.1 million for the same periods. While these losses are attributed to continued investment in business growth, their persistence represents a fundamental financial risk.
2. Normalization and Decline in Net Dollar Retention Rate: ServiceTitan has observed a gradual normalization and a decline in its quarterly net dollar retention rate. Over the last ten fiscal quarters, the rate declined by seven percentage points, with a two-percentage-point decline occurring specifically between July 31, 2023, and July 31, 2024. While the rate remains over 110%, this trend could indicate a challenge in maintaining the historical rate of revenue expansion from existing customers.

For ServiceTitan (symbol: TTAN), the addressable market for trades services for homes and businesses in the United States and Canada is approximately $1.5 trillion annually.

ServiceTitan (TTAN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Active Customers: ServiceTitan anticipates expanding its customer base by continuing to acquire new trades businesses. The company's focus on providing an essential operating system for the trades and its ability to scale with businesses of varying sizes position it to attract more clients, from small family-owned contractors to large franchises. The increase from approximately 6,800 Active Customers as of January 31, 2023, to approximately 8,000 Active Customers as of January 31, 2024, demonstrates a consistent trend in customer acquisition.
2. Increased Adoption and Usage of Add-on Products (Pro and FinTech) by Existing Customers: A significant driver will be the expansion of services utilized by current customers. ServiceTitan employs a "land and expand" strategy, starting with its Core product and then offering value-additive Pro products and FinTech solutions. The company's net dollar retention rate of over 110% for each of the last ten fiscal quarters indicates that existing customers are increasing their spending on the platform through the adoption of these add-on features and increased transaction volumes.
3. Expansion of Gross Transaction Volume (GTV) and Deeper Penetration within Existing Markets: ServiceTitan aims to capture a larger share of the substantial $1.5 trillion annual spend on trades services in the United States and Canada. This will be achieved by enabling its customers to grow their businesses, which in turn increases the total Gross Transaction Volume (GTV) processed through the ServiceTitan platform. The GTV has grown from $44.9 billion in fiscal 2023 to $62.0 billion for the 12 months ended July 31, 2024, highlighting the potential for continued growth within its served markets.
4. Product Innovation and AI Integration: Ongoing investment in research and development, particularly in artificial intelligence (AI), is expected to enhance ServiceTitan's platform capabilities. By integrating AI into automated workflows and continuously developing new features based on customer interactions and data, ServiceTitan aims to deliver differentiated value, attract new customers, and encourage further adoption of premium services among its existing base.
5. Strategic Acquisitions: ServiceTitan explicitly states that it has consistently grown and scaled its business operations both organically and through acquisitions. This inorganic growth strategy allows the company to expand its market reach, acquire new technologies, or integrate complementary services, thereby contributing to overall revenue growth.

Share Repurchases

• ServiceTitan repurchased approximately $18.963 million in shares for tax withholding related to the settlement of restricted stock units during the fiscal year ended January 31, 2026.

Share Issuance

• In March 2021, ServiceTitan completed a Series F funding round, raising $500 million at a post-money valuation of $7.8 billion.
• The company raised an additional $200 million in a Series G round in June 2021, achieving a post-money valuation of $9.5 billion.
• ServiceTitan launched its initial public offering (IPO) in December 2024, offering 8,800,000 shares of Class A common stock at $71.00 per share and raising $625 million.

Inbound Investments

• Prior to its initial public offering, ServiceTitan raised almost $1.4 billion in total equity capital across eight funding rounds from venture and crossover investors.
• Key investors in these funding rounds included Iconiq Capital, Bessemer Venture Partners, TPG Inc., Index Ventures, and Mucker Capital.

Outbound Investments

• In 2021, ServiceTitan acquired Aspire Software, a company specializing in software for landscapers, and ServicePro, which provides software for pest control and lawn care contractors.
• In January 2022, ServiceTitan acquired FieldRoutes, a mobile software-as-a-service provider for the lawn care and pest control industries.
• The company further expanded with the acquisition of Convex, a sales and marketing platform for construction professionals, in April 2024, and Conduit Tech, an HVAC sales and design platform, in September 2025.

Capital Expenditures

• ServiceTitan's capital expenditures were $89 million in 2023, $44 million in 2024, and $22 million in 2025.