The Git-repository manager and DevOps tool GitLab has been valued at more than $6 billion from a secondary round that provided an opportunity for some employees to sell their shares, CNBC reports, whereas the reported $6 billion+ valuation is more than double the $2.7 billion valuation that GitLab got from its most recent equity round last year.

It’s said that GitLab had originally planned to go public this year but delayed its plan till next year and then opened a window for employees to clinch partial exits by selling some of their shares. 

A $6 billion valuation is notably large for GitHub and somewhat similar to the $7.5 billion price that Microsoft paid to acquire the company’s main rival GitHub in 2018. Unlike GitHub, however, it seems that GitLab is heading towards an exit on the public markets and not through an acquisition.

GitLab has exceeded $100 million in annual recurring revenue, its CEO Sid Sijbrandij noted earlier this year. It’s among a cohort of DevOps companies that could see their public debuts next year, others in that cohort including DataBricks, the data analysis startup; cloud infrastructure startup HashiCorp; cybersecurity startup Tanium; and robotic process automation (RPA) provider UiPath.

Since it was founded, GitLab has raised over $430 million in equity funding. The company’s backers include notable names like Tiger Global, Coatue, D1 Capital Partners, Two Sigma, Iconiq Capital, and Goldman Sachs.

Photo: GitLab co-founders Dmitriy Zaporozhets (left) and Sid Sijbrandij (right), credit: GitLab

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