Form 4: ServiceTitan Director's Affiliated Funds Divest Over 137,000 Class A Common Shares

Byron B. Deeter, a Director and 10% owner of ServiceTitan, Inc., reported that investment funds with which he is affiliated sold a total of 137,543 shares of the company's Class A Common Stock over two days in June 2025.

Summary

• Byron B. Deeter, a Director and 10% owner of ServiceTitan, Inc. (TTAN), filed a Form 4 disclosing transactions by affiliated entities.
• On June 25, 2025, Bessemer Venture Partners VIII L.P. (BVP VIII), Bessemer Venture Partners VIII Institutional L.P. (BVP VIII Inst), and 15 Angels II LLC (collectively, the 'Bessemer Funds') sold a combined total of 12,543 shares of ServiceTitan Class A Common Stock.
• Specifically, BVP VIII sold 5,559 shares, BVP VIII Inst sold 6,685 shares, and 15 Angels II sold 299 shares on June 25, 2025.
• On June 26, 2025, the Bessemer Funds sold an additional combined total of 125,000 shares of ServiceTitan Class A Common Stock.
• This second transaction included 55,400 shares from BVP VIII, 66,625 shares from BVP VIII Inst, and 2,975 shares from 15 Angels II.
• Following these transactions, the Reporting Person's direct beneficial ownership of Class A Common Stock is 0 shares.
• The Reporting Person holds an indirect, passive economic interest in the shares held by the Bessemer Funds through his interest in Deer VIII & Co. L.P. (the general partner) and other limited partnership interests.
• The Reporting Person disclaims beneficial ownership of the securities held by the Bessemer Funds, except to the extent of his pecuniary interest.
• The Reporting Person also holds 1,891 shares of Class A Common Stock received from equity grants, which he has agreed to assign to Deer Management Co, LLC.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the significant sale of shares by entities affiliated with a director and 10% owner, which is typically interpreted as a bearish signal, despite the disclaimer of beneficial ownership.

Negatives

• Significant sale of shares by investment funds affiliated with a director and 10% owner, which can be perceived negatively by the market as a lack of confidence.
• The reporting person's direct beneficial ownership of Class A Common Stock is now 0 shares following these transactions.

Risks

• Potential negative market reaction to the sale of a large block of shares by an insider-affiliated entity.
• Perception of reduced insider alignment with shareholder interests due to the divestment.

Future Outlook

This document, a Form 4, reports insider transactions and does not provide forward-looking statements or guidance regarding the company's future performance.

Industry Context

This Form 4 filing details an insider transaction, specifically the sale of shares by investment funds associated with a director and significant shareholder. Such transactions are common in the venture capital and private equity space as funds manage their portfolios, but they are closely watched by the market for signals regarding company valuation and future prospects.

Related Party Transactions

• Sales of 137,543 shares of Class A Common Stock by Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC, where the reporting person (Byron B. Deeter) has an indirect economic interest.
• Assignment of 1,891 shares of Class A Common Stock received from equity grants by the Reporting Person to Deer Management Co, LLC.

Stakeholder Impact

• Shareholders may interpret the insider-affiliated selling as a negative signal, potentially leading to decreased investor confidence and downward pressure on the stock price.
• The transactions reflect portfolio management decisions by the Bessemer Funds, which may not directly impact employees, customers, suppliers, or creditors in the short term, but could influence long-term perception of the company's stability and growth prospects.

Key Dates

Recommendation

Keywords

ServiceTitan, TTAN, SEC Form 4, Insider Trading, Stock Sale, Director, 10% Owner, Bessemer Venture Partners, Equity Divestment