Dutch CEO of GitLab worth $2.6 billion after IPO | Financial

Sijbrandij, 42, founded GitLab in 2014 with two Ukrainian IT professionals, Dmitri Zaporozhets and Valeri Sizov. The latter two had been working on programs for some time that should make it easier to work on software together. Sijbrandij was impressed by their work and decided to join Zaporozhets and Sizov, after which they managed to snare large companies.

Ultimately, the three chose to further expand their business in the San Francisco region, where many start-ups and IT talents come together. Many of the first team of employees returned to Europe, but Sijbrandij stayed in the United States.

Successful IPO

Sijbrandij has an 18% stake in GitLab, which rose almost 35% on its first day on the Nasdaq technology exchange to a market value of approximately $15 billion. The Dutchman also sold two million shares in the IPO.

GitLab is best known as a place where IT people with different tasks, such as security and development, can easily collaborate. Chip company Nvidia, industrial group Siemens and investment bank Goldman Sachs are among the customers. The platform was also ideally suited for the lightning-fast switch to working from home that many companies were forced to make due to corona. In the previous fiscal year, sales increased by 87 percent to more than $152 million. The company suffered a net loss of $192.2 million.

Dutch CEO of GitLab worth $2.6 billion after IPO | Financial
Source link Dutch CEO of GitLab worth $2.6 billion after IPO | Financial

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