Form 4: Bessemer Funds Divest ServiceTitan Shares

Bessemer Venture Partners entities sold 28,245 shares of ServiceTitan Class A Common Stock for approximately $3.3 million under a 10b5-1 plan.

Summary

• Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC (collectively, the "Bessemer Funds"), all 10% owners of ServiceTitan, Inc. [TTAN], reported the sale of 28,245 shares of Class A Common Stock.
• The sales occurred on September 19, 2025, under a Rule 10b5-1 pre-arranged trading plan.
• The total proceeds from these sales amounted to approximately $3,337,013.44.
• The shares were sold in three separate transactions at weighted average prices of $117.31, $118.69, and $119.44 per share.
• Specifically, Bessemer Venture Partners VIII L.P. sold 12,518 shares, Bessemer Venture Partners VIII Institutional L.P. sold 15,055 shares, and 15 Angels II LLC sold 672 shares.
• Following these transactions, the Bessemer Funds and their affiliates collectively beneficially own 7,320,210 shares of Class A Common Stock, with BVP VIII holding 3,128,739 shares, BVP VIII Inst holding 3,830,146 shares, 15 Angels holding 171,926 shares, and Cloud All Star Fund, L.P. (CASF) holding 189,399 shares.

Sentiment

Score: 5

Explanation: A venture capital fund, a 10% owner, executed a pre-planned sale of a portion of its holdings, which is a normal part of a fund's lifecycle. This is a neutral event for the company's operational performance.

Positives

• The sale was executed under a Rule 10b5-1 plan, indicating a pre-scheduled and orderly divestment strategy rather than a reaction to immediate market conditions.
• The reporting persons were able to monetize a portion of their investment at favorable prices ranging from $117.00 to $119.51 per share.

Negatives

• Significant insider selling by a 10% owner, even if pre-planned, can sometimes be perceived negatively by the market, potentially signaling a lack of further upside or a strategic shift by a major investor.

Future Outlook

This Form 4 filing is a transactional report and does not contain forward-looking statements or guidance regarding ServiceTitan's future performance or outlook.

Industry Context

This filing reports an insider transaction by a venture capital firm, which is a common occurrence as funds mature and seek to return capital to their limited partners. It does not provide specific insights into broader industry trends or competitive landscape for ServiceTitan.

Stakeholder Impact

• Shareholders: May view the insider selling by a significant investor as a signal, though the 10b5-1 plan suggests a pre-determined liquidity event rather than a reaction to new information.
• Investment Professionals: Will note the divestment as part of the fund's lifecycle management and assess its implications in the context of their broader investment thesis for ServiceTitan.

Next Steps

• The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the reported ranges.

Key Dates

Recommendation

The sale by Bessemer Venture Partners, a 10% owner, represents a routine liquidity event for a venture capital fund. While the volume is notable, it was executed under a Rule 10b5-1 plan, indicating a pre-scheduled divestment rather than a reaction to new, adverse information. This transaction alone does not fundamentally alter the investment thesis for ServiceTitan, hence a 'hold' recommendation is appropriate, pending further operational or strategic updates.

Keywords

ServiceTitan, TTAN, Bessemer Venture Partners, Insider Sale, Form 4, Equity Transaction, Class A Common Stock, 10b5-1 Plan