Software development platform leader OutSystems raises $150 mn at $9.5 bn valuation

By Pavithra R

OutSystems, a low-code platform that provides the tools for companies to develop, deploy and manage omnichannel enterprise applications, has announced a $150 mn capital raise at $9.5 bn valuation.

The investment round was co-led by Abdiel Capital and Tiger Global and is planned to expand investments in its R&D and GTM strategy. Abdiel Capital, Tiger Global is joining Goldman Sachs, KKR, Guidepost Growth Equity, and Armilar Venture Partners in recognizing the opportunity and potential. Recognizing the challenges of building scalable, adaptable software, OutSystems was found to give organizations the power to innovate through software.

The latest funding comes as a recognition of the success of the firm’s singular focus and the transformative impact on its rapidly expanding global customer base. 

“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 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 an acknowledgment of our progress on that journey,” said Paulo Rosado, CEO and Founder of OutSystems.

Businesses of all sizes leverage OutSystems platform to develop, deploy and manage critical apps at speed, enabling them to respond to market opportunities and continuously deliver value through software-driven innovation. The firm makes this possible by combining fast, visual, model-driven development with a modern platform built around AI, cloud, DevOps, and security. Its customers are 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. 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,” said Karel Nouwen, Senior IT Director, Digital Business and Digital Health, Medtronic.

Established in 2001, OutSystems’ mission is to fuel the future of digital innovation. The firm is pioneering the low-code market with a vision to transform how enterprise software is delivered. It has offices worldwide with customers in 87 countries and partnerships with 350 partners, including AWS, Deloitte, and Infosys.