Form 4: ServiceTitan Director's Future Stock Sale by Bessemer Funds

A Form 4 filing indicates that Bessemer Venture Partners, an entity associated with ServiceTitan Director Byron B. Deeter, plans to sell shares of Class A Common Stock on September 12, 2025.

Summary

• Byron B. Deeter, a Director and 10% Owner of ServiceTitan, Inc. (TTAN), filed a Form 4 reporting a planned transaction.
• The filing details a future sale of Class A Common Stock scheduled for September 12, 2025.
• Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC (collectively, "Bessemer Funds") are expected to sell a total of 9,495 shares.
• Specifically, BVP VIII plans to sell 4,208 shares, BVP VIII Inst 5,061 shares, and 15 Angels 226 shares.
• Mr. Deeter holds an indirect, passive economic interest in the shares held by the Bessemer Funds but disclaims beneficial ownership except to the extent of his pecuniary interest.
• Following the reported transaction, Mr. Deeter will indirectly beneficially own 1,891 shares of Class A Common Stock, which are related to equity grants and have been assigned to Deer Management Co, LLC.

Sentiment

Score: 5

Explanation: The filing reports a planned future sale of shares by Bessemer Funds, with which Director Byron B. Deeter is associated. While insider sales can be perceived negatively, the transaction is indicated as pre-planned under a Rule 10b5-1 plan, and Mr. Deeter disclaims direct beneficial ownership, mitigating strong negative sentiment. This is a routine disclosure for a pre-scheduled event.

Negatives

• A planned sale of shares by entities associated with a director and 10% owner, even if indirect and pre-planned, could be perceived as a minor negative signal by some investors.

Future Outlook

The filing indicates a planned sale of ServiceTitan Class A Common Stock by entities associated with Director Byron B. Deeter on September 12, 2025, suggesting a pre-arranged disposition under a Rule 10b5-1 plan.

Management Comments

• "The Reporting Person is a partner at Bessemer Venture Partners and has an indirect, passive economic interest in the shares held by the Bessemer Funds by virtue of his interest in (1) Deer VIII & Co. L.P., the general partner of the Bessemer Funds and (2) certain other indirect limited partnership interests in certain of the Bessemer Funds."
• "The Reporting Person disclaims beneficial ownership of the securities held by the Bessemer Funds, except to the extent of his pecuniary interest, if any, in such securities by virtue of his indirect interest in the Bessemer Funds."
• "This report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities."
• "Consists of Class A Common Stock received by the Reporting Person related to equity grants issued by the Issuer. The Reporting Person has agreed to assign to Deer Management Co, LLC the right to any shares issuable pursuant to this grant or any proceeds from the sale thereof."

Industry Context

This is a routine insider transaction report, common for publicly traded companies, detailing a planned stock disposition by an entity associated with a director and significant shareholder.

Related Party Transactions

• Sale of Class A Common Stock by Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC, entities with which Director Byron B. Deeter has an indirect, passive economic interest.

Stakeholder Impact

• Shareholders: May experience minor negative sentiment due to insider-related selling, though this is mitigated by the pre-planned nature of the transaction and the director's disclaimer of direct beneficial ownership.

Key Dates

Recommendation

The filing details a pre-planned, indirect sale of shares by entities associated with a director, rather than a direct discretionary sale by the director themselves. The transaction is likely executed under a Rule 10b5-1 plan, which reduces its signaling impact. While any insider-related sale can introduce minor negative sentiment, the context suggests it's a routine portfolio management event for the Bessemer Funds, not a reflection of a change in the director's outlook on the company's fundamentals. Therefore, a 'hold' recommendation is appropriate as this specific filing does not present new fundamental information warranting a change in investment thesis.

Keywords

ServiceTitan, TTAN, Form 4, insider transaction, stock sale, director, 10% owner, Bessemer Venture Partners, Rule 10b5-1