Growth equity raised demonstrates expanding market for smarter ways to build modern applications. Abdiel Capital, Tiger Global join Goldman Sachs, KKR, Guidepost Growth Equity, and Armilar Venture Partners in recognizing unique opportunity.
Boston and Lisbon — February 17, 2021 — OutSystems, the leading modern application platform, today announced a $150 million capital raise. The round, co-led by Abdiel Capital and Tiger Global, values OutSystems at $9.5 billion. The funding will be used to expand investments in its R&D and GTM strategy.
Recognizing the challenges of building scalable, adaptable software, OutSystems was founded to give every organization the power to innovate through software. The latest funding is a recognition of the success of that singular focus and the transformative impact on its rapidly expanding global customer base. Using the OutSystems platform, businesses of all sizes can develop, deploy and manage critical apps at speed—enabling them to respond to market opportunities and continuously deliver value through software-driven innovation.
"Developers are a scarce resource in business today, and the complexities of traditional software development exacerbate the challenges most organizations face when tackling their digital transformation agenda,” said Paulo Rosado, CEO and Founder of OutSystems. "By fundamentally changing the way software is built, OutSystems makes it possible for every organization to compete, innovate and grow with the developers they already have. We’re focused on helping customers succeed with their most challenging digital transformation initiatives and today’s announcement is acknowledgement of our progress on that journey.”
The OutSystems platform enables organizations of all sizes to build the software that makes the difference - whether it’s for transforming customer experiences, delivering workplace innovation, automating processes or modernizing core systems. OutSystems makes this possible by combining extraordinarily fast, visual, model-driven development with a modern platform built around AI, cloud, DevOps and security.
OutSystems customers are rapidly building and delivering modern applications that scale and continuously change with the business.
"Our company is focused on delivering better outcomes for patients, and to deliver that, our products require a digital dimension,” explained Karel Nouwen, Senior IT Director, Digital Business and Digital Health, Medtronic. "Software innovation can't be bought—it can only be built—we needed a secure platform that would allow us to build the capabilities we needed quickly and easily. That’s precisely what OutSystems offers.”
This investment follows a year that saw OutSystems momentum and scaling continue, with customers in 87 countries, more than 1,300 employees worldwide, and partnerships with 350 partners including AWS, Deloitte, and Infosys.
For additional perspective on the announcement from Paulo Rosado, please visit OutSystems: https://www.outsystems.com/blog/posts/the-outsystems-mission/