GitHub rival GitLab files to go public on revenue over $200 million

GitLab CEO Sid Sijbrandij at firm occasion in London


GitLab, a supplier of cloud-based software program that enables builders to share code and collaborate on initiatives, is the newest high-growth tech firm to line up for an IPO.

The corporate said on Friday that it plans to record on the Nasdaq beneath ticker image “GTLB.” GitLab is elevating cash to tackle Atlassian and GitHub, which Microsoft acquired for $7.5 billion in 2018.

GitLab joins the ranks of cloud software program firms gearing as much as benefit from an ongoing bull market that values progress above all else. Toast, which sells software program and {hardware} to assist eating places handle orders and transfer to takeout, is slated to debut subsequent week, together with Freshworks, a smaller competitor to Salesforce in offering software program to customer support and gross sales organizations.

Income at GitLab jumped 69% within the newest quarter from a yr earlier to $58.1 million, equaling over $230 million on an annualized foundation. Nevertheless, the corporate’s internet loss widened to over $40 million from $9.4 million a yr in the past.

GitLab mentioned its net revenue retention rate, a key metric for subscription software program firms as a result of it reveals buyer success, climbed to 152% within the July interval. That might put it among the many prime publicly-traded software program firms.

GitLab is broadly generally known as a pioneer in remote work. Whereas firms have been pressured to adapt to distributed work throughout the pandemic, GitLab began that means in 2014 and did not have to change a lot of something. Within the header of its prospectus, Gitlab says “tackle not relevant.”

“Working remotely permits us entry to a worldwide expertise pool that allows us to rent gifted workforce members, no matter location, offering a powerful aggressive benefit,” the submitting says. GitLab has 1,350 workers in over 65 international locations.

GitLab was final valued at $6 billion in a secondary financing spherical that allowed current shareholders to promote as much as 20% of their vested fairness. That was up from a $2.7 billion valuation in a late 2019 financing spherical.

In its “team handbook” on its web site, GitLab had brazenly said its plan to go public by November of 2020. After the pandemic hit early final yr, roiling the broader economic system, the corporate scrapped the timing for its debut whereas indicating {that a} public itemizing was nonetheless on the roadmap.

GitLab co-founder and CEO Sid Sijbrandij is the corporate’s largest stakeholder, with 18.9% possession of Class B shares, in accordance with the submitting. Khosla Ventures owns 14%.

WATCH: GitLab CEO on the future of work

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