TECH - Alphabet Backed GitLab Stock Soars On Wednesday - What's Going On? | Benzinga
Cloud software company GitLab Inc (NASDAQ:GTLB) is exploring a potential sale after receiving acquisition interest, according to sources familiar with the matter, according to a Reuters report.
Google parent Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) holds a 22.2% voting stake in GitLab through its venture capital arm.
Also Read: GitLab Q1 Earnings: Revenue Beat, EPS Beat, Raised Guidance And More
GitLab, which has a market value of about $8 billion, is working with investment bankers to manage the sale process, which has garnered interest from peers, including cloud monitoring firm Datadog Inc (NASDAQ:DDOG), Reuters reports.
Deal-making in the technology sector is on the rise, driven by advancements in artificial intelligence and cloud computing.
GitLab CEO ...