ServiceTitan Acquires Aspire, Raises $200 Million

ServiceTitan has a valuation of $9.5 billion.

Picture by Hand-out

Glendale-based ServiceTitan Inc., a developer of administration software program for house companies contractors, has acquired St. Louis-based Aspire Software program, a know-how supplier for industrial landscaping companies.

The acquisition will add a landscaping vertical to Service Titan’s companies platform, which provides administration software program for companies corresponding to pest management, pool care and plumbing.

Aspire Software program will proceed working in St. Louis, ServiceTitan stated within the June 30 announcement. Monetary phrases of the deal weren’t disclosed.

The acquisition is ServiceTitan’s second this yr, following the acquisition of software program firm ServicePro in February.

Based in 2013, Aspire Software program gives administration instruments for landscaping, snow and ice, and building companies. The corporate works with “a whole bunch” of economic landscapers who collectively have greater than 50,000 clients, ServiceTitan stated.

“Each Aspire and ServiceTitan had been born out of a need to enhance the lives of contractors who work tirelessly to serve their communities however who’ve traditionally been underserved by know-how,” Ara Mahdessian, chief government and co-founder of ServiceTitan, stated in a press release.

The corporate additionally introduced a $200 million Collection G funding spherical, led by Chicago-based software program funding agency Thoma Bravo. The spherical makes ServiceTitan one of the priceless startups within the Los Angeles space with a valuation of $9.5 billion.

ServiceTitan will use the funding to assist analysis and growth and customer support following the launch of the corporate’s buyer assist middle in Salt Lake Metropolis in Might. The corporate additionally plans to rent workers for its buyer assist, gross sales, product and engineering groups.

“ServiceTitan’s growth into landscaping, a greater than $100 billion market within the U.S. alone, is a vital step on its path to supply all house and industrial tradesmen with the instruments they should develop and handle a profitable enterprise,” Robert “Tre” Sayle, a companion at Thoma Bravo, stated in a press release.

The spherical follows the corporate’s $500 million increase in March, which was led by New York-based Tiger International Administration and Menlo Park-based Sequoia Capital International Equities. ServiceTitan invested the funds in buyer expertise, product growth and hiring.

ServiceTitan skilled speedy progress amid the pandemic. The corporate introduced in March that it introduced in additional than $250 million in annual recurring income, a spike of greater than 50% over the previous 12 months.

Based in 2012, ServiceTitan provides administration software program for contract companies for 10 forms of house companies. The corporate’s software program is utilized by greater than 7,500 contracting companies that make use of a complete of greater than 100,000 individuals and carry out greater than $20 billion value of annual transactions throughout all of its house and industrial service verticals. ServiceTitan employs greater than 1,600 individuals globally.

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