GV owns a 6.6% stake in the DevOps platform developer, which was valued at $6bn as of a secondary share sale late last year.

US-headquartered software development technology provider GitLab filed for an initial public offering on the Nasdaq Global Market on Friday that would represent an exit for internet and technology group Alphabet.

GitLab has produced a software platform centred on DevOps, where software development and IT operations are combined to facilitate continuous product delivery. It increased revenue 69% year on year to $108m for the six months ending July 2021, though its net loss rose from $43.5m to $69m.

The company was valued at $6bn in a November 2020 secondary share sale in which investors including Alta Park, HMI Capital, Omers Growth Equity, TCV and Verition bought a total of $195m in stock.

The last primary round to be closed by GitLab was a $268m series E in September 2019 co-led by investment banking firm Goldman Sachs and multi-family office Iconiq Capital at a $2.75bn valuation.

Adage Capital Management, Alkeon…

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.

Not sure if you have a subscription?
Robert Lavine

Robert Lavine is special features editor for Global Venturing.