One-stop shop all the way to the bank
GitLab finally filed for an IPO in September and this week upped the estimated price per share to between $66 and $69. The eventual price has turned out to be $77, well above the initial $55 to $60 first estimated.
8.42 million shares of Class A common stock are being sold. Founder and CEO Sytse Sijbrandij is selling another 1.98 million shares, according to the filing. Should that $77 price survive the start of trading today, GitLab’s market value will nudge past $11bn.
GitLab has continued to burn cash over the years. Net loss for the six months ended 31 July 2021 was $69m, up from $43.5m for the same period last year. Despite predicting a jump in quarterly run rate to $233m in its IPO prospectus for Q2 FY22 (up from $137m in Q2 FY21), GitLab faces stiff competition in the DevOps arena. It noted that Microsoft (thanks to its acquisition of GitHub) was a principal competitor but reckoned its one-stop shop offer covering the whole of an average DevOps lifecycle would be sufficient to fend off rivals.
- GitHub Codespaces feels a bit too closed? Gitpod opens up OpenVSCode Server to escape Microsoft control
- GitLab all set to go public as revenues – and losses – rise
- GitLab 14.2 brings macOS ‘build cloud’ closed beta and improved Gitpod support among nearly 50 new features
- GitLab tries to address crypto-mining abuse by requiring card details for free stuff
Some assessments of the software development company have been scathing, with one observer reckoning it was “overpriced” and suggesting that even a valuation at the lower end – $8bn – would still imply the achievement of some “very optimistic milestones.”
GitLab lays claim to 3,632 base customers (those with more than $5,000 of annual recurring revenue) and 383 customers with annual recurring revenue of $100,000, according to the IPO documentation. It also said that its experience has been one of rapid growth but admitted it depended on converting non-paying users to paying users and had “limited historical data with respect to the number of current and previous free users and the rates in which customers convert to paying customers.”
Still, the firm noted that attempts to nudge customers toward its paid-for products through the discontinuation of the starter and bronze tiers. GitLab will need to accelerate that trend if it is to justify what looks like some very ambitious pricing. ®
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LinkedIn shutting down in China after mounting government pressure to censor social media content
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WhatsApp’s got your back(ups) with encryption for stored messages
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Google’s VirusTotal reports that 95% of ransomware spotted targets Windows
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Looking to modernize your architecture? Just remember, it’s about more than tools…
Start right at AWS’ Application Modernization DaySponsored The cloud has gifted technologists a fabulous array of tools and technology that enable them to develop and deploy modern systems, applications and features more rapidly and at lower cost than ever.
But getting the best out of technologies such as serverless, microservices and GitOps, particularly at scale, inevitably means you also need to reengineer your own development processes and ecosystem to match.
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Ubuntu 21.10 brings GNOME 40 debut and a focus on devs
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The Ubuntu release cycle delivers a new LTS (Long Term Support) version every two years, the next one being 22.04 in April. This means that 21.10 is a handy preview of features that may not get production use until 22.04.
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3D printing site Thingiverse suffers breach of 228,000 email addresses amid sluggish disclosure
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Azure Emissions Dashboard shows how you and Microsoft are slowly killing the planet with your cloud workloads
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FTC carpet bombs industry with letters warning that fake reviews will be punished
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Bad news, AMD fans: This week’s Windows 11 update didn’t fix your performance woes (they may be worse)
A new patch next week mightWindows 11 received its first bundle of fixes this week, but AMD users hoping for respite from performance issues that have dogged their PCs were to be disappointed. In fact, for some, performance might have actually got a bit worse.
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Nine floors underground, Oracle’s Israel data centre can ‘withstand a rocket, a missile or even a car bomb’
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‘Father of the Xbox’ Seamus Blackley issues Twitter apology to AMD over last-minute switch to Intel CPUs
AMD had the last laugh – their kit is in both PlayStation and Xbox these daysOne of the developers of the original Xbox has apologised for jilting AMD at the altar ahead of the games console’s launch 20 years ago.
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