Watch out GitHub, there’s another developer software in town. Last Friday, GitLab announced it had filed IPO paperwork to list its shares on the Nasdaq under the ticker symbol GTLB.
GitLab feels the timing is right to go public after last quarter’s 69% year-over-year revenues growth. Revenues came in at $58.1m, equaling more than $230m on an annualized basis. Net revenue retention rate, which is another key metric for subscription-based software companies, grew by 152% in July. This metric puts GitLab among some of the top publicly traded software companies.
GitLab is known for being a pioneer in remote work. Since it was founded in 2014, GitLab has operated remotely and believes its ability to hire talent regardless of location has given it a competitive advantage. The company has 1,350 employees in more than 65 different countries.
why it matters
GitLab is hoping the money raised from an IPO will help it to take on its two main competitors Atlassian (TEAM) and GitHub. GitHub was purchased by Microsoft (MSFT) in 2018 for $7.5b.