According to the US Consumer News reports, Microsoft’s GitHub competitor GitLab said on Friday that it plans to be listed on the Nasdaq under the stock code GTLB. GitLab allows developers to share code and collaborate, and is currently raising funds to compete with Atlassian and GitHub. In 2018, Microsoft spent $7.5 billion to acquire the code-sharing website GitHub, which is also one of the most expensive acquisitions Microsoft has ever made.
According to reports, GitLab’s revenue in the most recent quarter increased by 69% year-on-year to 58.1 million U.S. dollars. However, the company’s net loss expanded to over 40 million U.S. dollars from 9.4 million U.S. dollars a year ago.
Currently, GitLab has 1,350 employees in more than 65 countries or regions. In the second round of financing, GitLab was valued at $6 billion, allowing existing shareholders to sell up to 20% of the established equity. This is higher than the USD 2.7 billion valuations at the end of 2019 when it was funded.
GitLab had previously planned to go public in November 2020. After the outbreak of the epidemic last year, GitLab postponed the listing time and said that a public listing is still being planned.