GitLab CEO Sid Sijbrandij at a company event in London
GitLab, a cloud-based software provider that enables developers to share code and collaborate on projects, is the latest high-growth technology company to line up for an IPO.
The company said friday which plans to trade on the Nasdaq under the ticker symbol “GTLB.” GitLab is raising money to take on Atlassian and GitHub, which Microsoft acquired for $ 7.5 billion in 2018.
GitLab joins the ranks of cloud software companies preparing to take advantage of an ongoing bull market that values growth above all else. Toast, which sells software and hardware to help restaurants manage orders and move to takeout, will debut next week, along with Freshworks, a smaller Salesforce competitor in supplying software to sales organizations and customer service.
Revenue on GitLab increased 69% in the last quarter from a year earlier to $ 58.1 million, which is equivalent to more than $ 230 million on an annualized basis. However, the company’s net loss widened to more than $ 40 million from $ 9.4 million a year ago.
GitLab said its net revenue retention rate, a key metric for subscription software companies because it shows customer success, rose to 152% in the July period. That would place it among the top publicly traded software companies.
GitLab is widely known as a pioneer in remote work. While companies were forced to adapt to distributed work during the pandemic, GitLab started that way in 2014 and didn’t have to alter much of anything. In the header of your prospectus, Gitlab says “address not applicable.”
“Operating remotely allows us to access a global talent pool that allows us to recruit talented team members regardless of location, providing a strong competitive advantage,” the document says. GitLab has 1,350 employees in more than 65 countries.
GitLab was last valued at $ 6 billion in a round of secondary financing that allowed existing shareholders to sell up to 20% of their acquired capital. That was up from a $ 2.7 billion valuation in a funding round in late 2019.
In its “equipment manual” on its website, GitLab had openly declared its plan to go public in November 2020. After the pandemic struck early last year, hitting the broader economy, the company scrapped the timing of its debut and indicated that a public listing was still on the waybill. .
GitLab co-founder and CEO Sid Sijbrandij is the company’s largest shareholder, with 18.9% ownership of Class B shares, according to the document. Khosla Ventures owns 14%.
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