Page 25 - bne magazine November 2021_20211104 uzbekistan risding

bne November 2021 Companies & Markets I 25
Thus, in this period, Facebook has been targeted in 19 matters related to prohibited content. Russian courts imposed fines on the company totaling about RUB70mn (less than $1mn), of which RUB43mn can already be legally be enforced. Facebook did not pay the fines, however, Roskomnadzor said.
In an exchange with Vedomosti, legal expert Alexander Zhuravlev said that collecting fines from foreign companies is difficult when these do not have an official representative office or a subsidiary in Russia – which is the case of Facebook and Twitter.
Ten years after start in Ukraine, GitLab lands on Nasdaq at $11bn valuation
East West Digital News in Moscow
GitLab (‘GTLB’), a San Francisco-based open-source software startup founded by Ukrainian entrepreneur Dmitry Zaporozhets and Dutch-born Sid Sijbrandij, made its debut on the Nasdaq at a valuation of $11bn on October 14, reports East-West Digital News (EWDN).
Priced at $77 late the day before, the stock started trading on the 14 at $94.25, pushing GitLab’s market cap to $13.5bn, reports CNBC. This is about 58 times annualized revenue, which would put the company at the fifth place among 58 companies in the Bessemer Cloud Index.
GitLab raised some $650mn in the offering. Over $150mn of additional stock were purchased from an entity affiliated with Sijbrandij.
Using the DevOps application software development methodology, the GitLab platform is designed to “maximize the overall return on software development” within organizations. It delivers software “faster and efficiently, while strengthening security and compliance.”
“With GitLab, every team in your organization can collaboratively plan, build, secure, and deploy software to drive business outcomes faster with complete transparency, consistency and traceability,” the company claims.
GitLab’s revenue in the second quarter of 2021 jumped to $58mn, up 69% from a year earlier. A net loss of $40.2mn was
However, this obstacle could be lifted by a new legislation that regulates the activity of large-traffic foreign sites and apps in Russia. Starting from 2022, their owners will be required to open a representative office in Russia.
Another fresh law establishes the “self-control” of social networks, mandating them to identify, moderate and block prohibited content on their own, i.e. without a court decision. Facebook, Instagram, Likee, TikTok, Twitter
and YouTube are concerned, as well as top Russian social networks VKontakte and Odnoklassniki.”
Set up as an open source project in Ukraine in 2011, GitLab platform is designed to “maximize the overall return on software development” and listed on Nasdaq with a valuation of $11bn on October 14.
recorded in the latest quarter, as the company spends around 75% of its revenue on sales and marketing, according to CNBC.
GitLab started as open source project in Ukraine in 2011. Two years later, Zaporozhets and Sijbrandij started bootstrapping GitLab as a company.
Incorporated in 2014, the company went through Y Combinator in early 2015. It secured several rounds of funding in the following years, including a $100mn capital infusion in 2018 and a $268mn Series E round in 2019, which valued the company at $2.75bn.
In November 2020 GitLab saw its valuation jump to $6bn as it organized a $195mn secondary sale.
This article first appeared in East-West Digital News (EWDN), a bne IntelliNews partner publication.
“With GitLab, every team in your organization can collaboratively plan, build, secure, and deploy software to drive business outcomes faster with complete transparency, consistency and traceability”
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