Microsoft GitHub rival GitLab files to go public after annualized revenue tops $200 million
Summary
GitLab, a provider of cloud-based software that allows developers to share code and collaborate on projects, is the latest high-growth tech company to line up for an IPO. GitLab joins the ranks of cloud software companies gearing up to take advantage of an ongoing bull market that values growth above all else. GitLab said its net revenue retention rate, a key metric for subscription software companies because it shows customer success, climbed to 152% in the July period. GitLab was last valued at $6 billion in a secondary financing round that allowed existing shareholders to sell up to 20% of their vested equity. After the pandemic hit early last year, roiling the broader economy, the company scrapped the timing for its debut while indicating that a public listing was still on the roadmap.
