GitLab oversaw a $195 million secondary sale that values the company at $6 billion – TechCrunch

Gitlab TechCrunch has confirmed that it values ​​a $ 195 million secondary sale that values ​​the company at $ 6 billion. CNBC broke the story earlier today.

The company’s impressive valuation has come after its most recent 2019 Series E in which it raised $ 268 million At 2.75 billion valuation, an increase of $ 3.25 billion over 18 months. The company’s co-founder and CEO Sid Sijbrandiz believes his company’s progress has been due to increased functionality in the platform.

He added, “We believe that the increase in valuation over the past year reflects the progress of our full DevOps platform towards realizing a greater share of our growing multi-billion dollar software development market.” ”

While the startup has raised more than $ 434 million, the round includes purchasing employee stock options, a move that allows the company’s workers to cash in some of their equity before going public. CNBC reported that the firms buying the stock include Alta Park, HMI Capital, OMERS Growth Equity, TCV and Verition.

The next logical step seems to be an IPO, something that the company has never shied away from. In fact, it actually targets the proposed date of November 18, 2020 as an IPO date at one point Company is wiki. Although they could not achieve that goal to a great extent, Sijbrandies still sees the company going public at some point. He is not as specific as in the past, suggesting that the company has a lot of runway left over from the previous funding round and may go public when the time is right.

“We believe that being a public company is an integral part of realizing our mission. As a public company, GitLab will benefit from brand awareness, access to capital, shareholder liquidity, autonomy and transparency, ”he said.

He said, “This said, we want to maximize results by choosing an appropriate time. Our most recent capital growth was in 2019 and contributed to an already healthy balance sheet. A strong balance sheet and business model make us one such Enables us to choose the period that works best for realizing our long-term goals. “

GitLab has not only published IPO goals on its wiki, but its entire company philosophy, goals and OKRs for all to see. Sijbrandiz told Alex Wilhelm of TechCrunch In a TechCrunch interrupt panel In September he believes transparency helps attract and retain employees. It does not hurt that the company was a completely remote organization, even pre-COVID.

“We started [this level of] Sitabbrand told Vitthalam in September, “Transparency to connect with the wider community around Geethalab, but it proved super beneficial to attract great talent.”

The company, which launched in 2014, provides a DevOps platform to help users move applications through the programming lifecycle.

Update: The original title of this story has been changed from ‘GitLab to $ 195M at a valuation of $ 6 billion dollars in secondary funding.’