SCHEDULE: ICONIQ Strategic Partners Discloses Major ServiceTitan Stake

ICONIQ Strategic Partners and its affiliates, along with key individuals, have disclosed a substantial beneficial ownership of ServiceTitan, Inc.'s Class A Common Stock.

Summary

• Divesh Makan and William J.G. Griffith each beneficially own 11,885,725 and 11,885,556 shares of ServiceTitan Class A Common Stock, respectively, representing approximately 14.9% of the outstanding class for each.
• Matthew Jacobson beneficially owns 1,603,453 shares, representing approximately 2.0% of the outstanding Class A Common Stock.
• ICONIQ Strategic Partners II GP, L.P. and ICONIQ Strategic Partners II TT GP, Ltd. each beneficially own 8,514,137 shares, representing approximately 10.7% of the outstanding Class A Common Stock.
• ICONIQ Strategic Partners III GP, L.P. and ICONIQ Strategic Partners III TT GP, Ltd. each beneficially own 1,522,200 shares, representing approximately 1.9% of the outstanding Class A Common Stock.
• ICONIQ Strategic Partners V GP, L.P. and ICONIQ Strategic Partners V TT GP, Ltd. each beneficially own 1,491,295 shares, representing approximately 1.9% of the outstanding Class A Common Stock.
• The percentages of class were calculated based on 79,717,700 shares of Class A Common Stock outstanding as of August 31, 2025, as disclosed in ServiceTitan's Quarterly Report on Form 10-Q filed on September 10, 2025.
• The beneficial ownership includes shares held directly by various ICONIQ Strategic Partners funds and indirectly through their general partners and equity holders, as well as shares held by individuals through family and estate planning trusts.

Sentiment

Score: 7

Explanation: The disclosure of significant beneficial ownership by a prominent strategic investment firm like ICONIQ Capital suggests strong confidence in ServiceTitan's long-term prospects, which is generally a positive signal for the company.

Positives

• Significant beneficial ownership by a prominent strategic investment firm like ICONIQ Capital signals strong institutional confidence in ServiceTitan's long-term value and prospects.
• The involvement of experienced investors such as Divesh Makan and William J.G. Griffith, with substantial stakes, could provide strategic guidance and stability.

Future Outlook

NA

Industry Context

The disclosure highlights continued interest from strategic investment firms in companies within the technology sector, particularly those with strong growth potential like ServiceTitan. Such significant institutional backing can be a positive indicator for market perception and future strategic directions within the industry.

Related Party Transactions

• The filing details a complex beneficial ownership structure where various ICONIQ Strategic Partners funds (e.g., ICONIQ II, ICONIQ III, ICONIQ V) are controlled by their respective general partners (e.g., ICONIQ II GP, ICONIQ III GP, ICONIQ V GP), which in turn are controlled by other general partners (e.g., ICONIQ II Parent GP, ICONIQ III Parent GP, ICONIQ V Parent GP).
• Key individuals Divesh Makan, William J.G. Griffith, and Matthew Jacobson are identified as sole equity holders of the top-level general partners, establishing a clear chain of control and beneficial ownership across these related entities.

Stakeholder Impact

• Shareholders may view the significant and sustained investment by ICONIQ Strategic Partners as a vote of confidence, potentially contributing to market stability and investor interest.
• The presence of a major institutional investor with substantial voting power could influence strategic decisions and corporate direction, impacting all stakeholders.

Key Dates

Recommendation

The filing is a Schedule 13G, which primarily discloses beneficial ownership by a significant institutional investor group. While the substantial stake held by ICONIQ Strategic Partners and its key individuals indicates strong institutional confidence in ServiceTitan, this filing does not provide new operational or financial performance data. Therefore, without additional information, a 'hold' recommendation is appropriate, advising investors to maintain their current position while monitoring future company performance and market developments.

Keywords

ServiceTitan, ICONIQ Strategic Partners, beneficial ownership, Schedule 13G, Class A Common Stock, institutional investment, Divesh Makan, William J.G. Griffith, Matthew Jacobson, SEC filing