GitLab, which provides software development and collaboration tools for programmers, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $750 million.
GitLab offers The DevOps Platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes, and allows everyone to contribute to build better software. The DevOps Platform is used globally by organizations of all sizes across a broad range of industries. The company employs a land-and-expand sales strategy, and its sales force is amplified by its strategic hyperscaler partnerships, including Google Cloud and Amazon Web Services.
Previously based in San Francisco, CA, the company is now remote-only and traces its roots 2011. It booked $196 million in revenue for the 12 months ended July 31, 2021, and plans to list on the Nasdaq under the symbol GTLB. GitLab filed confidentially on July 16, 2021. Goldman Sachs, J.P. Morgan, BofA Securities, UBS Investment Bank, RBC Capital Markets, Truist Securities, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
