Thank you for joining us today. We had a strong first quarter with 33% revenue growth and significant year-over-year margin expansion. The value customers derive from GitLab comes through not only in our top line growth but also in our best-in-class dollar-based net retention rate of 129%. We continue to differentiate our platform with security compliance and AI throughout the software development life cycle and we also continue expanding our total addressable market for new use cases in personas. AI is quickly transforming the way software is delivered.
With GitLab, our AI extends well beyond coding and development because we have the broadest platform, we uniquely enable our customers to also leverage AI for planning, security and operations. Both new customers like financial services company, AMB, and existing customers, NASA, Artemis, Carrefour, Indeed, and the FBI understand the value of a platform that enables software development across the end-to-end life cycle. It improves productivity and security without sacrificing speed. We believe the benefits and improved quality delivered by our end-to-end approach are unmatched in the market.
A great example of this is a leading financial services company that decreased pipeline outages by 90% since deploying GitLab, and that has translated in hundreds of thousands of dollars in savings every year. They are also leveraging our AI offering, GitLab Duo Pro and GitLab Duo Pro has already delivered increases in productivity for this customer.
We're seeing GitLab Duo adoption by customers who are excited about the benefits it's bringing to their teams. For example, a leading provider for the global communications industry purchased GitLab duo in Q1 to help engineering teams go faster and more securely.
We continue to add new capabilities to GitLab Duo. In Q1, we released GitLab duo chat into general availability. Chat is a conversational AI interface for GitLab Duo. It helps customers quickly understand project status, get help with planning and configuration, receive explanations of suggested code and generate texts, all without contact switching. I'm excited about Chat because it transforms software development by seamlessly integrating AI through a single easy-to-use natural language chat interface. This optimizes DevSecOps workflows and boosts productivity.
We also introduced new privacy controls that enable organizations to manage sensitive data at the project group and subgroup levels. This helps reduce the security and compliance risks of AI adoption. Our next AI add-on is GitLab Duo enterprise. GitLab Duo Enterprise combines the developer-focused AI features of Gitlab Dua Pro with enterprise-focused features to help teams collaborate faster together. Our customers are particularly excited about the security tools coming as part of GitLab Duo Enterprise, such as root cause analysis, along with vulnerability explanation and resolution.
In the future, GitLab Duo Enterprise will also allow customers to deploy AI models in air gap environments. This feature will further differentiate GitLab Duo in the market.
Now I'd like to turn to security and compliance. These capabilities are core to our platform and continue to be big business drivers for us. Customers turn to GitLab because they need to integrate security earlier in the development process. For example, a major U.S. technology company and government contractor removed 7 different point solutions when they consolidated on the GitLab platform. Now they are doing security scans 13x faster and are seeing 90% savings in tool chain administration.
In Q2, we closed a 6-figure deal with a global financial services company, a new logo for GitLab. They were looking to improve security in the DevSecOps life cycle and GitLab was the only option that would let them bring software composition analysis, SaaS and DAS into a single platform. With our advanced security capabilities, a company can shift security left and address vulnerability sooner. At the same time, they are consolidating their tool chain, reducing the total cost of ownership and increasing visibility across the software supply chain. GitLab's integrated security is driving upgrades to our ultimate tier.
In Q1, we continue to build on our security capabilities with our acquisition of Oxeye. We acquired Oxeye for their robust SaaS technology. This will help streamline vulnerability management and remediation for GitLab customers.
We also acquired the intellectual property of Rezilion, which will enrich our vulnerability risk data and auto remediation capabilities as well as run-time vulnerability reachability. Together, these acquisitions are intended to extend GitLabs detection and remediation capabilities from code through run-time. And this will help organizations resolve vulnerabilities more efficiently and quickly. We will be integrating Oxeye and Rezilion technologies into GitLab over the next several quarters.
Turning to compliance. One of our big differentiators here is GitLab Dedicated, our single-tenant SaaS solution, which provides customers with data isolation and residency. One of the largest public service departments in Europe adopted GitLab Dedicated in Q1 to help them break down silos and build a culture of collaboration across the organization's hybrid landscape while maintaining strict compliance requirements.
Now I'd like to discuss our go-to-market strategy. As we scale past $500 million and move to $1 billion in revenue, our customer profile is evolving and so are we. Customers recognize us as more than just a vendor, We're a partner. We recently won Ally Financial's Technology Operational Excellence Award for driving simplified and resilient solutions for Ally and its customers. This follows from last year when we won Ally's Velocity with Quality Award for helping Ally Financial deliver value to customers quickly.
In addition, our partnerships with Google Cloud and AWS accelerate cloud migration for them, and we benefit from wider distribution. In April, GitLab received the 2024 Google Cloud Technology Partner of the Year Award in the application development category for the fourth consecutive year. At Google Cloud Next, we announced our Google console integration. This helps our customers improve developer experience and decrease contact switching across GitLab and Google Cloud.
We're also excited about our integration with Amazon Q. The integration gives our joint AWS and GitLab customers, the unified interface, whether they are working in AWS or in GitLab. AWS customers using GitLab can opt to have GitLab Duo [indiscernible] and vice versa.
To help us penetrate the estimated $40 billion market opportunity ahead of us, we are investing in a number of initiatives. First, we are adding more global field CTOs to help amplify our message and articulate our value to the executive suite. Second, we are bringing in more solution architects and also expanding our services offering to ensure post sales success. Third, we are increasing our global theater presence to more closely meet the needs of specific regions and markets. And fourth, we are sharpening our focus on industries with complex security and compliance requirements such as financial services.
During the quarter, we closed the second largest deal in GitLab history with a U.S.-based global investment banking firm. Given their success with our core capabilities, they upgraded to GitLab Ultimate for our security and compliance capabilities and significantly expanded seats.
Finally, we're looking forward to next month's anticipated GitLab 17 product launch event. We invite you to join us on June 27. Registration information can be found on the GitLab website. Many innovations are planned for GitLab 17, including enhanced security scanning and governance controls and the general availability of our CICD catalog. Then we'll be taking GitLab 17 on the road as part of our DevSecOps World Tour. We then focused on business leaders and practitioners.
On a personal note, during a recent routine scan, I learned that I need to again undergo treatment for osteosarcoma, the same form of cancer I was treated for in 2023. My doctor believes that this finding is part of the original lesion and that as such, the disease is not metastasized. I'm working on making a full recovery as the last time my scope and responsibilities as GitLabs CEO and Chair remain unchanged. I'd like to thank our executive team and the Board of Directors for their support.
In closing, I'm confident we will continue to win the large market opportunity in front of us. I want to thank our team members and partners for their focus on customer success and our customers for trusting us. I'd like to thank our shareholders for your support, and I look forward with speaking with many of you this quarter.
With that, I'll turn it over to Brian.
