Forbes announced Tuesday that ServiceTitan has risen to No. 8 in the 2021 Cloud 100, the list of the world’s “most innovative and valuable” privately held, cloud-based software companies.
Founders Ara Mahdessian and Vahe Kuzoyan started ServiceTitan to provide contractors like their fathers with the technology to run a successful business. Now, the company serves more than 7,500 trade businesses that collectively employ more than 100,000 technicians and perform over $20 billion worth of annual transactions in plumbing, HVAC, electrical, and more.
The #1 newsletter for the trades.
In one of the most difficult years in modern history, contractors performed heroic work to keep us safe and comfortable. As the Covid-19 pandemic disrupted lives and businesses around the globe, the trades showed up — for homeowners and for commercial businesses seeking upgrades during the pause in operations caused by the pandemic.
“In a moment of crisis, you can’t control what’s going on out there, but what you can do is determine your response,” Mahdessian said. “And hope that if you act swiftly, and you act decisively, and you act with the right plan, you can come out of the crisis better off than if you had not acted at all.”
ServiceTitan reached out to customers that were successfully adapting their businesses to navigate the pandemic and asked if they’d be open to sharing best practices with its 7,000 other customers. With the constant input and feedback from these customers, ServiceTitan’s product and engineering teams went heads down to build features needed for contactless interaction with homeowners.
“Through the contractors’ efforts, and through ServiceTitan’s efforts,” Mahdessian said, “the industry quickly began to thrive.”
That, Mahdessian said, is just a continuation of the purpose behind ServiceTitan, the company he and Vahe Kuzoyan founded, and its team of 1,600-plus employees, won’t rest until every contractor, in every trade, is successful.
“Every day I get a success story from a customer,” Mahdessian said. “Just two hours ago, I got a story from a customer about how they grew their revenue from $2 million in 2018 to $9 million this year. These are not anomalies ... that’s what motivates me.”
Forbes’ panel of 25 judges evaluated hundreds of entries based on estimated valuation (30%), operating metrics (20%), people and culture (15%), and market leadership (35%).
Payment processing software Stripe is No. 1 in the Forbes ranking, up from No. 2 a year ago. Databricks (AI-focused data platform), Canva (design software), HashiCorp (infrastructure automation) and Toast (restaurant software) complete the top five.