, has seen a boom in demand as more industries have come to rely on software and digital tools to run their operations. GitLab specializes in helping coders make product updates faster, lowering operating costs and speeding development.
GitLab reached $150 million in annual recurring revenue, Sijbrandij said, after experiencing growth of 74% in the most recent quarter. During 2020, the company signed three major airlines and a travel management provider even as the travel industry was forced to make dramatic cuts because of the pandemic.
"It was the hardest hit industry last year and even they still bought," said Sibrandij. "It's been a tough year for many of our customers."on its website, GitLab had openly stated its plan to go public by November of 2020. 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.
Sijbrandij said that he did the secondary to "give our team members the opportunity to benefit from the value we created together." The $6 billion valuation is up fromGitLab allowed current and former employees with vested equity to sell a combined total of 4.9 million shares, bringing the total offering to $195 million. Investors buying the stock included Alta Park, HMI Capital, OMERS Growth Equity, TCV and Verition.
Sijbrandij said there's no timetable for a public market debut, though people familiar with the matter told CNBC in November that it was likely to come in 2021. The company has a number of ways to consider going public that either didn't exist or were relatively untested prior to last year.
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