GitLab said to be exploring sale, shares surge

GitLab surged on Wednesday following a report it is exploring a sale after attracting acquisition interest.

Reuters cited people familiar with the matter as saying that the US provider of cloud-based software development tools is working with investment bankers on a sale process that has attracted interest from peers, including cloud monitoring firm Datadog.

GitLab’s, whose investors include Google parent Alphabet, has a market value of about $8bn.

Any deal is still weeks away and no agreement is certain, sources told Reuters.

At 1500 BST, the shares were up 10% at $55.68.