GitLab, a provider of cloud-based software that allows developers to share code, is the latest high-growth tech firm to plan for an IPO listing, according to a report by CNBC on Friday.
- On Friday, the company announced its plan to list on the Nasdaq under the ticker symbol “GTLB.” GitLab is raising money to take on Atlassian and GitHub, which Microsoft bought for $7.5 billion in 2018.
- The Microsoft rival, GitLab joins the ranks of cloud software firms looking to capitalize on the ongoing bull market that values growth above all else.
- Revenue at GitLab rose 69% in the latest quarter from a year earlier to $58.1 million, matching over $230 million on an annualized basis. But the company’s net loss worsened to over $40 million from $9.4$ million a year ago.
GitLab stated that its net revenue retention rate, a key measure for subscription software companies, jumped to 152% in the July period. That would put it among the top publicly traded software companies.