Jason M. LemkinCEO, SaaStr · Co-Founder of SaaStr AI, SaaStr Fund, Adobe Sign

The Jaw Dropping Success of Service Titan The Next IPO to Watch!

7 Apr 2024 · 1 min

Watch on YouTube

0:54

A short YouTube talk by Jason M. Lemkin highlighting ServiceTitan’s rapid commercial success and likelihood of an upcoming IPO. Lemkin summarizes the company’s scale (thousands of customers), strong unit economics (high NRR at low ACV), sizable revenue run-rate, rapid growth, and bullish timing speculation for an IPO.

Questions this video answers

12,000 customers.

Ended last year at $460 million; stated "over $500 million" and said ~600 million ARR today.

"Triple-digit" NRR (i.e., ≥100% NRR).

Growing 40–50%.

Described as "cash flow positive" (also stated "cash flow neutral" in another line).

Chapters

Service titan may be the first one to go IPO of this group. Service titans jaw dropping the good company jaw dropping the good right Service such a good company. Jason Service titan has dominates a market. Service Titan's at over 500 million in revenue. It's cash flow positive as I understand it. It's got 12,000 customers and it does something which is magical which is that it has very high NRR at a low ACV in a tough vertical market. It is SaaS for plumbers and air condition maintenance and other things and it has triple digit NRR in that market and it ended last year at 460 million in revenue probably so today. Today it's at 600 million in ARR selling H Vac software and Plumber software growing 40 to 50% cash flow neutral. I think it'll be the next one to IPO and some people think it'll be it could be in Q1 but that's one where it's just time right.