SCHEDULE 13G: ICONIQ Strategic Partners Discloses Significant Stake in ServiceTitan, Inc. Class A Common Stock

ICONIQ Strategic Partners and its principals have disclosed beneficial ownership of over 20% of ServiceTitan, Inc.'s Class A Common Stock as of December 31, 2024.

Summary

• ICONIQ Strategic Partners II, L.P. directly owns 5,097,608 shares, representing 6.7% of ServiceTitan, Inc.'s Class A Common Stock.
• ICONIQ Strategic Partners II-B, L.P. holds 3,990,638 shares, accounting for 5.2% of the Class A Common Stock.
• ICONIQ Strategic Partners II Co-Invest, L.P. (ST Series) owns 2,099,760 shares, or 2.7% of the Class A Common Stock.
• ICONIQ Strategic Partners II Co-Invest, L.P. (ST-2 Series) holds 857,142 shares, representing 1.1% of the Class A Common Stock.
• ICONIQ Strategic Partners II GP, L.P. and ICONIQ Strategic Partners II TT GP, Ltd. are deemed to beneficially own 12,045,148 shares each, totaling 15.7% of the Class A Common Stock, through their general partner roles in the ICONIQ II Funds.
• ICONIQ Strategic Partners III, L.P. and ICONIQ Strategic Partners III-B, L.P. collectively own 1,883,628 shares (1.2% and 1.3% respectively), with ICONIQ Strategic Partners III GP, L.P. and ICONIQ Strategic Partners III TT GP, Ltd. also deemed to beneficially own this aggregate amount, representing 2.5% of the Class A Common Stock.
• ICONIQ Strategic Partners V, L.P., ICONIQ Strategic Partners V-B, L.P., ICONIQ Strategic Partners V Co-Invest, L.P. (Series ST), and ICONIQ Strategic Partners V Co-Invest, L.P. (Series ST2) collectively own 1,582,212 shares (0.7%, 0.9%, 0.3%, and 0.1% respectively). ICONIQ Strategic Partners V GP, L.P. and ICONIQ Strategic Partners V TT GP, Ltd. are deemed to beneficially own this aggregate amount, representing 2.1% of the Class A Common Stock.
• Divesh Makan and William J.G. Griffith are each deemed to beneficially own 15,510,988 shares of Class A Common Stock, representing 20.3% of the outstanding shares, through their equity holdings in the general partners of the ICONIQ II, III, and V funds.
• Matthew Jacobson is deemed to beneficially own 1,582,212 shares of Class A Common Stock, representing 2.1% of the outstanding shares, through his equity holding in the general partner of the ICONIQ V funds.
• The beneficial ownership percentages are calculated based on 76,537,855 shares of Class A Common Stock outstanding as of December 31, 2024.

Sentiment

Score: 6

Explanation: The document is a factual disclosure of beneficial ownership, which is generally neutral. However, the significant stake held by a reputable investment firm and its principals could be perceived positively by the market, indicating confidence in the issuer.

Positives

• The disclosure of a significant beneficial ownership stake by ICONIQ Strategic Partners, a prominent investment firm, may signal confidence in ServiceTitan, Inc.'s long-term prospects.
• The aggregated ownership of 20.3% by key individuals Divesh Makan and William J.G. Griffith indicates a substantial, concentrated investment by experienced financial professionals.

Risks

• The reporting persons expressly disclaim membership in a 'group' as defined under Rule 13d-5(b)(1), indicating they are not acting in concert to influence or control the issuer's management or policies, which could be a risk if a large, coordinated block of shares were to exert pressure.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by an investment firm and its principals, providing transparency into significant institutional holdings in ServiceTitan, Inc. It does not provide specific insights into broader industry trends or competitive positioning, but large institutional stakes can be a factor in market perception within the software or technology sector.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can influence market sentiment and potentially signal long-term commitment from a major investor.
• Management: Awareness of a large, passive institutional stake may influence strategic decisions, though the reporting persons disclaim group formation.

Key Dates

Keywords

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