Thursday, 18 February 2021 12:47

‘Modern applications platform’ OutSystems raises US $150 million, now valued at US $9.5 billion


With its growth equity raised demonstrating an “expanding market for smarter ways to build modern applications”, the funding will be used to “expand investments in its R&D and go to market strategy.”

Outsystems. The company says its mission is to give every organisation the power to innovate through software”, and proudly boasts that its “modern application platform” offers “high productivity, connected, and AI-assisted tools help developers rapidly build and deploy a full range of applications anywhere the organisation requires.”

The funding round was co-led by Abdiel Capital and Tiger Global, values OutSystems at $9.5 billion, with the company stating it 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, we’re told that “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.”

Paulo Rosado, CEO and Founder of OutSystems said: “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.

“By fundamentally changing the way software is built, OutSystems makes it possible for every organisation 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 an acknowledgment of our progress on that journey.”

The company says its platform “enables organisations of all sizes to build the software that makes the difference - whether it’s for transforming customer experiences, delivering workplace innovation, automating processes, or modernising core systems”, and it says it “makes this possible by combining extraordinarily fast, visual, model-driven development with a modern platform built around AI, cloud, DevOps, and security.”

Naturally, OutSystems touts that its customers are “rapidly building and delivering modern applications that scale and continuously change with the business”, and provides a customer quote to illuminate this.

Karel Nouwen, Senior IT Director, Digital Business and Digital Health, Medtronic explained: “Our company is focused on delivering better outcomes for patients, and to deliver that, our products require a digital dimension.

“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."

Outsystems also notes this investment follows a year that saw the company’s “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.”

Outsystems offers “additional perspective on the announcement from Paulo Rosado” at its blog here.

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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