Reuters reports that GitLab, a software company supported by Google, is considering a sale.
According to Reuters, GitLab Inc., a US software developer supported by Google parent company Alphabet Inc., is considering a sale following interest from potential buyers.
The San Francisco-headquartered company, which has a market value of about $8 billion, is working with investment bankers on the sale and has attracted interest from peers including cloud monitoring firm Datadog, Reuters reported, citing people familiar with the matter. did not recognize. Neither GitLab nor Datadog responded to Reuters’ requests for comment.
According to data collected by Bloomberg, deals in the technology industry have grown by about 47 percent this year as companies seek to expand their business models in the face of potential disruption from artificial intelligence. Alphabet is in talks to buy Israeli cybersecurity company Wiz for about $23 billion, people familiar with the matter said earlier this week.
Shares of GitLab jumped as much as 16% in premarket trading on Wednesday before the New York Stock Exchange opened, after previously trading at $50.66. The stock has fallen by 20 percent this year.
The company builds tools that help companies manage their software development cycle. It has more than 30 million registered users, including more than half of the Fortune 100 companies, according to the company’s website.
