GitLab Stock Jumps on Reports of Possible Sale

GitLab (GTLB) shares surged Wednesday aft reports that nan developer platform, backed by Alphabet's (GOOGL) Google, is exploring nan opportunity for an acquisition.

Its shares were up astir 10% successful early trading. The banal remains successful nan publication for nan twelvemonth truthful far.

GitLab is reportedly considering a sale, pinch liking from companies for illustration Datadog (DDOG), a cloud-scale monitoring provider, according to Reuters reporting that cited anonymous sources adjacent to nan matter. Datadog shares were down much than 6% early Wednesday.

Alphabet, done Google Ventures, is an investor successful GitLab and holds a 22% voting liking successful nan institution arsenic of June 2024. The news comes soon aft reports that Alphabet abandoned efforts to bargain HubSpot, which would person been its largest acquisition to date.

GitLab, which has a market capitalization of supra $8 billion, has much than 30 cardinal registered users and provides development, security, and operations solutions to complete half of Fortune 100 companies.

GitLab and Datadog did not instantly respond to Investopedia's petition for comment.

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