Low-code development platform OutSystems reels in $360m funding
Low-code development platform OutSystems has proven there is quite a market for fast application development without the need to learn code, writes Julie Muhn at Finovate. The proof comes from the $360 million in funding the company received, along with its new valuation the company describes as “well over” $1 billion.
The latest funds come from KKR and Goldman Sachs, which now have a minority stake in the Atlanta, Georgia-based company. OutSystems’ total funding now stands at $422 million. The company will use today’s investment to accelerate expansion and boost software automation R&D efforts.
“We believe we are in the early innings of what will be an extended period of significant growth in the low-code application development market,” says Stephen Shanley, director at KKR.
OutSystems leverages artificial intelligence (AI), automation and third party integrations to help users build their own apps in a visual way, without the need to know or learn to code. This approach not only cuts down on development costs, it also makes for a much faster time-to-launch.
Founded in 2001, OutSystems has revenues of $100+ million and is growing that figure at more than 70% per year. The company’s 700 employees serve thousands of customers in more than 50 countries. OutSystems’ client list includes Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial.
Last month, the company launched OutSystems Sentry, a new proactive security monitoring service for the company’s Platform-as-a-Service (PaaS) clients. And In April, OutSystems partnered with Atos to help companies accelerate their digital transformation initiatives.