TTAN Insider Filing Shows Bessemer-Affiliated Sales of 560K Class A Shares
Rhea-AI Filing Summary
ServiceTitan director and 10% owner Byron B. Deeter reported sales by affiliated Bessemer funds on Sept 8-9, 2025. The Form 4 discloses that Bessemer Venture Partners VIII L.P., BVP VIII Institutional L.P. and 15 Angels II LLC sold a combined 560,210 shares of Class A common stock across the two days (164,231; 197,507; 8,819 on Sept 8 and 181,558; 150,966; 8,109 on Sept 9). The reporting person states his ownership is indirect and passive through Bessemer entities and disclaims direct beneficial ownership except for a small equity grant of 1,891 Class A shares held indirectly and subject to assignment to Deer Management Co, LLC. The filing is signed by an attorney-in-fact on Sept 10, 2025.
Positive
- Full disclosure of dates and share counts for sales by affiliated funds (Sept 8-9, 2025)
- Clear statement that the reporting person holds only an indirect, passive economic interest and disclaims direct beneficial ownership
- Small retained indirect equity (1,891 Class A shares) is disclosed and assignment to Deer Management Co, LLC is documented
Negative
- Significant affiliated fund sales totaling 560,210 Class A shares could increase free float and affect market supply
- Reporting person is a director and 10% owner, so related-party dispositions may attract investor scrutiny despite the disclaimer
Insights
TL;DR: Large secondary sales by affiliated funds are disclosed; the reporting person retains only a small indirect equity grant.
The transactions primarily reflect dispositions by Bessemer-affiliated funds rather than direct sales by the reporting person. Aggregate reported dispositions total 560,210 Class A shares across September 8-9, 2025. The reporter emphasizes an indirect, passive economic interest via partnership interests and disclaims beneficial ownership beyond any pecuniary interest. For investors, the filing is a transparent record of affiliated fund liquidity events rather than a direct personal exit by the named director, although such dispositions can affect supply dynamics in the market.
TL;DR: Disclosure aligns with Section 16 obligations; assignment of grant proceeds to management entity is notable.
The Form 4 meets reporting requirements by identifying the reporter's relationship to the issuer (director and 10% owner) and detailing sales by Bessemer funds. The reporter retains an indirect grant of 1,891 Class A shares but has agreed to assign rights to Deer Management Co, LLC, which may reflect internal allocation or governance arrangements. The filing clarifies ownership structure and avoids asserting direct beneficial ownership, reducing ambiguity about control but confirming related-party sales occurred.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 0 | $0.00 | -- |
| Sale | Class A Common Stock | 0 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- On September 8, 2025, Bessemer Venture Partners VIII L.P. ("BVP VIII"), Bessemer Venture Partners VIII Institutional L.P. ("BVP VIII Inst") and 15 Angels II LLC ("15 Angels" and together with BVP VIII and BVP VIII Inst, the "Bessemer Funds") sold 164,231 shares, 197,507 shares and 8,819 shares of Class A Common Stock of the Issuer, respectively. On September 9, 2025, BVP VIII, BVP VIII Inst and 15 Angels II sold 181,558 shares, 150,966 shares and 8,109 shares of Class A Common Stock of the Issuer, respectively. 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.
