Saturday, July 13

Ukrainian company GitLab goes for an IPO on the American stock exchange NASDAQ

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GitLab has made financial information available

GitLab, a service for working with repositories of program code, announced the entry to the stock exchange. The shares of the Ukrainian company will be presented on the American platform NASDAQ, and will be traded under the ticker GTLB.
GitLab has already filed an application for IPO, along with financial documentation, which the developer has not previously disclosed. According to the report, last quarter the company’s revenue was $58 million, while the losses were at $40 million. In total, GitLab earned $200 million last year.
In 2019, the developer held a funding round in which it raised $268 million. This raised the valuation of the business to $2.7 billion. In 2020, GitLab’s value rose to $6 billion.
The company reported plans for an initial public offering back in 2019, but the pandemic forced the process to be postponed.

GitLab goes public

GitLab was founded in 2011 by Dmytro Zaporozhets as a program for managing software code with shared access for several developers. He used this solution for his own needs, but over time the service began to gain momentum, and Dmytro realized that many professionals felt the need for a similar platform. The programmer’s idea was to create a space that would be a worthy alternative to GitHub, and in addition, it could be installed on your server. In 2013, Zaporozhets was joined by Sid Sijbrandij, a businessman from the Netherlands. Thanks to their joint efforts, the startup began to actively develop, and the young people began to pay full attention to it, making it their main activity. Now GitLab includes a comprehensive service, which allows the entire cycle of software product development to be managed. By 2016, the staff already numbered 80 people.
All GitLab processes are done remotely. And this principle has been adopted in the company since its founding, not because of the influence of pandemic or necessity. The business functions smoothly, providing effective interaction for 1,500 employees without the need to be in the same office.
Despite the fact that the GitLab team includes specialists from different countries, Zaporozhets always emphasizes that the startup is Ukrainian.
The platform has an open code, thanks to which about 2 thousand people joined it, who help improve the product and make it user-friendly. GitLab is used in more than 100 thousand companies around the world. Experts from Sony Corporation in Japan, the Chinese Internet giant Alibaba, NASA Space Center, and many other well-known companies from various fields work there.

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