Portuguese company OutSystems worth $1Bn
Software platform OutSystems has become the second Portuguese company to be worth over US$1Bn (€853 million) after a capital injection of US$360 million (€307 million) from private equity company KKR and Goldman Sachs.
OutSystems CEO, Paulo Rosado said in a statement that the investment would be applied to helping the business to expand and on research and development.
Both KKR, a private equity group, and Goldman Sachs, an investment bank with an accelerator and venture capital department, have raised the US$360 million in an investment round to boost the international expansion of the Lisbon and Boston based business and help its development and research into software automation.
OutSystems is a growth-stage company or unicorn which employs over 700 people. It has a leading position in its field but is still marginally loss-making. Operating in 54 countries its high-profile clients include Prudential and Deloitte.
OutSystems markets itself as the “#1 Platform for Low-Code and Digital Transformation” with customers in 52 countries in 22 industries and 245 global partners and 167,000 community members.
The company helps other organisations and companies build enterprise-grade apps to transform their businesses faster. It provides a solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire application portfolios that easily integrate with existing systems.
Put simply, it offers a platform which allows individuals to write software using very little coding.
“Our potential for growth is huge. We are growing at 70% per annum in subscription revenues and the next stage is consolidating that growth,” said CEO Paulo Rosado.
It has received many industry awards including ‘Top Cloud Computing Employer’ by Forbes (3-years in a row), Top Cloud Employer (Glassdoor and Battery Ventures), Top Rated Low-Code Platform (TrustRadius Award Winner) and Best Mobile Application Development Platform (2x CODiE Awards Winner.