Form 4: Bessemer Venture Partners Reduces ServiceTitan Stake

Bessemer Venture Partners, a 10% owner and director, sold over 711,000 shares of ServiceTitan Class A Common Stock in early September 2025.

Summary

• Bessemer Venture Partners VIII L.P. and its affiliates, including Bessemer Venture Partners VIII Institutional L.P. and 15 Angels II LLC (collectively, the "Bessemer Funds"), sold a total of 711,190 shares of ServiceTitan, Inc. Class A Common Stock.
• The sales occurred over two days: 370,557 shares on September 8, 2025, and 340,633 shares on September 9, 2025.
• Weighted average sale prices for these transactions ranged from $116.217 to $119.859 per share.
• These transactions were executed pursuant to a Rule 10b5-1(c) plan, indicating they were pre-scheduled sales.
• Following these transactions, the primary reporting person's aggregate beneficial ownership is 7,255,144 shares. Separately, Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., 15 Angels II LLC, and Cloud All Star Fund, L.P. collectively own 7,444,304 shares of Class A Common Stock, as detailed in footnote 12.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by a major institutional investor and 10% owner, even if pre-planned, generally signals a slightly negative sentiment or a belief that the current valuation is opportune for profit-taking. It does not imply a positive outlook for significant near-term appreciation from the seller's perspective.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, suggesting they were pre-scheduled and not necessarily a reaction to recent negative company developments or new material non-public information.

Negatives

• A significant institutional investor and 10% owner, Bessemer Venture Partners, reduced its stake in ServiceTitan by 711,190 shares.
• The sales occurred at prices ranging from $115.48 to $119.99, potentially indicating a belief that the current valuation is attractive for profit-taking or portfolio rebalancing by the selling entities.

Risks

• No specific risks to the company's operations or financial health are mentioned in this Form 4 filing. The primary risk is related to potential negative investor sentiment due to a large insider sale by a significant shareholder.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding ServiceTitan's future performance.

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 Form 4 filing reports an insider transaction and does not provide broader industry context or analysis of ServiceTitan's position relative to industry trends or competitors.

Related Party Transactions

• Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC (collectively "Bessemer Funds"), which are 10% owners and have director representation, sold shares of ServiceTitan.
• Certain affiliates of the Bessemer Funds own a material interest in Cloud All Star Fund GP, LLC, the general partner of Cloud All Star Fund, LP (CASF), which also holds ServiceTitan shares.
• Deer VIII & Co. L.P. is the general partner of BVP VIII and BVP Inst VIII, and Deer VIII & Co. Ltd. is the general partner of Deer VIII L.P. Directors of Deer VIII Ltd. (Byron Deeter, David Cowan, Jeremy Levine, Robert P. Goodman, Scott Ring, Sandra Grippo, Robert M. Stavis) hold voting and dispositive power for the Bessemer Funds.

Stakeholder Impact

• Shareholders: The sale by a significant institutional investor could lead to negative market sentiment and potentially downward pressure on the stock price.
• Company Management: May need to address investor concerns regarding the large insider sale, though the 10b5-1 plan mitigates some of the immediate negative implications.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones for ServiceTitan or the reporting persons beyond the undertaking to provide detailed transaction information upon request.

Key Dates

Recommendation

While a significant insider sale by a 10% owner is generally a negative signal, the transaction was executed under a Rule 10b5-1 plan, indicating it was pre-scheduled and not necessarily a reaction to new negative information. Without additional context on the company's fundamentals or the investor's broader portfolio strategy, a 'hold' recommendation is appropriate. Investors should monitor future filings and company performance for further insights, but this single transaction does not warrant a 'sell' given the pre-planned nature, nor a 'buy' as it represents a reduction in stake by a major holder.

Keywords

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