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Highlights
- In September, ServiceTitan was valued at US$ 9.5 billion and it was reported that the software startup was looking to go public.
- ServiceTitan caters to the need of a specific market and it is making software that can be used by home improvement contractors.
- Established in 2012 by Ahe and Vara, ServiceTitan has emerged as one of the leading companies in a niche market.
The Los Angeles-based software startup ServiceTitan Inc is attracting the attention of potential investors as its name surfaced on the trending lists across North America.
In September, ServiceTitan was valued at US$ 9.5 billion, and it was reported that the software startup was looking to go public sometime around next year.
All you need to know about ServiceTitan
ServiceTitan caters to the need of a specific market, and it is making software that can be used by home improvement companies and individual contractors.
Established in 2012 by Ahe and Vara, ServiceTitan has emerged as one of the leading companies in a niche market and over 100,000 contract workers and technicians working in the ventilation, heating and air-conditioning sector use its software.
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Apart from making the software, ServiceTitan is also involved in providing tech and training support to its customers. The company was reportedly in touch with law firms and investment banks for the IPO process, however, it has not made any official announcement yet.
The timing and size of the IPO are not certain, but it could happen next year as a lot of companies have gone public in the US equity markets this year and an IPO frenzy is expected to continue in 2022.
As of September 2021, companies raised a record US$ 230 billion through IPOs in the US, according to a Dealogic report.
Bottom line
Although vaccination for the coronavirus is increasing, it is expected that people could be forced to stay indoors as the latest variant of the virus was detected recently across the world.
Due to the COVID-19 pandemic, the demand for ServiceTitan's services increased as people stayed indoors and the demand for home improvement services increased. As the pandemic continues, the company could boom in future.
The home improvement services market was last valued in 2020 at US$ 316.8 billion and it is expected to grow rapidly to US$ 585.3 billion in the next nine years.
From 2020 to 2030, this sector will likely grow at a compound annual growth rate (CAGR) of 6.2 per cent.
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