OutSystems provides a low-code application development platform that combines visual programming with the ability to add code for complex, extensible corporate apps. The company positions low-code as better suited than no-code for heavy-duty internal workflows and extensibility. It sells its platform on a consumption-oriented pricing model based on platform utilization, with seat limits on lower tiers. OutSystems said it is increasing both R&D and go-to-market capacity and is investing for growth while aiming to build scale efficiently. The company is privately held, was founded in 2001, and is Portugal- and U.S.-based. Management characterized its business model as “efficient” and suggested the new funding puts the company on a potential IPO path. OutSystems offers an open, rapid application delivery platform that enables developers to build applications once and deploy across iOS, Android, Windows Phone and the web. The company was founded in 2001 and is based between Atlanta, London and Lisbon, maintaining a large team in Lisbon while now headquartered in Atlanta. OutSystems operates in 52 locations worldwide and serves over 400 enterprise organizations in 25 countries, with clients including Toyota, Logitech, Deloitte, Ricoh, Schneider Electric and GM Financial. The platform is positioned to address the slow speed and lack of agility of traditional software development and support customers' digital transformation initiatives. The $360M investment from KKR and Goldman Sachs is presented as growth capital that moves the company into the unicorn realm. Previous backers include Portugal Ventures and Armilar Venture Partners. OutSystems offers a graphical low-code development platform that enables enterprise developers to quickly build applications and integrate with third-party systems such as SAP, Salesforce.com and Workday. The platform generates code that developers can extend when needed, although many use cases require no hand-coding. The company serves over 600 enterprise customers and works with more than 130 partners across 33 countries. OutSystems was founded in 2001 and has spent over 16 years improving its low-code technology. Management says the company's financial situation has been very strong, and it raised new capital to capitalize on an exploding low-code market and to defend its market position as competition increases. Planned uses for the new funding include working capital and to fuel global sales, marketing, and product innovation with a focus on the US market and the developer community.

Total raised

$565M

Funding rounds

3

Latest round

Equity

Latest activity

Feb 2021