Glendale-Based ServiceTitan, Founded by Armenian Entrepreneurs, Debuts on Nasdaq with $8.97 Billion Valuation as Shares Surge 42%
Updated: 2 hours ago
BREAKING: ServiceTitan, a cloud-based software company based in Glendale, CA, that serves trade businesses, debuted on the Nasdaq stock exchange on Thursday. Its shares surged by 42% on the first day of trading, bringing the company’s valuation to $8.97 billion. ServiceTitan’s stock opened at $101 per share, well above its initial public offering (IPO) price of $71.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan provides a comprehensive, cloud-based software platform designed to empower trade professionals such as plumbers, HVAC technicians, landscapers, and roofers. Historically underserved by technology, these essential trades now have access to an end-to-end solution that simplifies business operations.
ServiceTitan’s platform integrates critical workflows such as job scheduling, advertising, invoicing, payment processing, and dispatching. It also provides real-time insights through customizable dashboards accessible from anywhere. With its Core, Pro, and FinTech product offerings, ServiceTitan has positioned itself as the operating system for the trades.
“Our mission is to change the lives of hardworking contractors by giving them the tools they need to grow their businesses,” said CEO Ara Mahdessian during the Nasdaq opening ceremony. “The same principles that brought us here will continue to guide us forward.”
The IPO day was not just a business milestone but also a moment of cultural pride for the Armenian-American co-founders. Born into families of tradespeople, Mahdessian and Kuzoyan created ServiceTitan to address the challenges they saw their parents face—long days in the field followed by paperwork-filled nights. This personal connection has fueled their passion to support tradespeople globally.
Nina Achadjian, an independent director at ServiceTitan and a fellow Armenian, celebrated the IPO with a heartfelt LinkedIn post. “Ara and Vahe are exceptional founders with an ambitious vision to build the operating system for a trillion-dollar industry,” she wrote. “As a fellow Armenian, I am so proud of the impact they’ve had in Armenia, with an office of 500+ employees. What an inspiration to an entire generation of future Armenian entrepreneurs!”
ServiceTitan’s IPO also marked the launch of the first-ever “Day of the Trades,” an initiative to honor the critical work of tradespeople worldwide. To commemorate the occasion, the co-founders rang the Nasdaq opening bell alongside their families and team members.
ServiceTitan’s public debut signals the beginning of a new chapter for the company. With a mission to empower tradespeople and a proven track record of growth, the company is well-positioned to expand its impact on the trillion-dollar trades industry. The IPO proceeds will likely fuel further innovation and global expansion, ensuring that ServiceTitan continues to be the backbone of an industry vital to everyday life.
As the co-founders reflect on their journey, the success of ServiceTitan’s IPO is a testament to their vision and dedication. It also serves as an inspiration for Armenians, entrepreneurs, and tradespeople alike, showcasing how technology can transform even the most traditional industries.
