Form 4: Bessemer Funds Divest ServiceTitan Shares via 10b5-1 Plan

Bessemer Venture Partners and affiliates sold 9,495 shares of ServiceTitan Class A Common Stock for $117.13 per share, reducing their collective beneficial ownership to 7,224,022 shares, pursuant to a Rule 10b5-1 trading plan.

Summary

• Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC (collectively, the "Bessemer Funds") reported a sale of ServiceTitan, Inc. (TTAN) Class A Common Stock.
• The transaction involved the sale of a total of 9,495 shares on September 12, 2025.
• The shares were sold at a weighted average price of $117.13, with individual transaction prices ranging from $117.00 to $117.90.
• The sale was executed pursuant to a Rule 10b5-1(c) trading plan, indicating a pre-arranged transaction.
• Following the sales, the Bessemer Funds and Cloud All Star Fund, L.P. (CASF) collectively beneficially own 7,224,022 shares of Class A Common Stock.
• Specifically, BVP VIII now owns 3,169,941 shares, BVP VIII Inst owns 3,879,700 shares, 15 Angels owns 174,142 shares, and CASF owns 189,399 shares.
• The reporting persons are identified as a Director and a 10% Owner of ServiceTitan, Inc.

Sentiment

Score: 5

Explanation: The sentiment is neutral to slightly negative. While the sale by a significant insider is generally viewed negatively, the fact that it was executed under a Rule 10b5-1 plan mitigates the concern that it's based on new, adverse information. It represents a planned reduction in ownership rather than a reactive one.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, which suggests the transaction was pre-scheduled and not based on new, non-public information, mitigating potential negative interpretations of insider selling.

Negatives

• A significant insider and 10% owner, Bessemer Venture Partners and its affiliates, reduced their stake in ServiceTitan, Inc. by selling 9,495 shares.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• 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 ranges set forth in this footnote.

Industry Context

This filing reports an insider transaction and does not provide broader industry context or analysis.

Related Party Transactions

• Certain affiliates of the Bessemer Funds own a material interest in Cloud All Star Fund GP, LLC, the general partner of CASF, which has voting and dispositive power over shares held by CASF.
• 15 Angels II LLC is a subsidiary of Bessemer Venture Partners VIII Institutional L.P.
• Deer VIII & Co. L.P. is the general partner of Bessemer Venture Partners VIII L.P. and Bessemer Venture Partners VIII Institutional L.P.
• Deer VIII & Co. Ltd. is the general partner of Deer VIII & Co. L.P.
• Byron Deeter, David Cowan, Jeremy Levine, Robert P. Goodman, Scott Ring, Sandra Grippo, and Robert M. Stavis are directors of Deer VIII & Co. Ltd. and hold voting and dispositive power for the Bessemer Funds, making investment and voting decisions as an investment committee.

Stakeholder Impact

• Shareholders may interpret the sale by a significant insider as a signal, although the 10b5-1 plan suggests it is a routine, pre-planned divestment rather than a reaction to new company-specific information.

Next Steps

• The reporting person has committed to providing detailed information on the number of shares sold at each specific price within the reported range upon request from the Issuer, security holders, or the SEC staff.

Key Dates

Recommendation

The sale of shares by a 10% owner and director, Bessemer Venture Partners, is a notable event. However, the transaction was executed under a Rule 10b5-1 trading plan, which indicates it was pre-scheduled and not based on new, non-public information. This mitigates the typical negative signal associated with insider selling. While it represents a reduction in a significant holder's stake, it does not necessarily imply a negative outlook on the company's future performance. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor future developments but not to react strongly to this pre-planned divestment.

Keywords

ServiceTitan, TTAN, Bessemer Venture Partners, Insider Trading, Form 4, Stock Sale, Equity, 10% Owner, Rule 10b5-1