(CNBC) Cloud-based software provider GitLab has filed an initial public offering to list on Nasdaq under ticker “GTLB” to take advantage of strong growth in the sector.
Once listed, GitLab will rival Atlassian and Microsoft’s GitHub. Toast, another software and hardware provider is set to go public next week.
GitLab, which is known as the pioneer in remote work, has more than 1,350 employees in over 65 countries. It was valued at $6 billion in its latest funding round, up from $2.7 billion in late 2019.
The company’s net revenue retention rate rose to 152% in the July period, placing it among the top publicly traded software firms.
GitLab’s revenue rose 69% in its latest quarter from the prior year to hit $58.1 million, or $230 on an annualized basis. Net losses widened to above $40 million, from $9.4 million in the prior year.
