In a round co-led by Abdiel Capital and Tiger Global, low code application development platform OutSystems has raised $150 million in new capital. The funding gives the company a valuation of $9.5 billion, and will help fuel investment in its R&D and go-to-market strategies.
In a statement, OutSystems CEO and founder Paulo Rosado highlighted the challenges businesses face when it comes to keeping pace with innovation in an increasingly digital and software-run world. “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,” Rosado said.
“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,” Rosado explained. “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.”
OutSystems gives businesses the ability to deploy and manage critical applications at speed – from enhancing the customer experience to streamlining and automating processes to modernizing legacy systems. OutSystems leverages a visually-based, model-driven development approach to enable institutions to build differentiation into their solution, maximize the development talent on hand, and accelerate the process of concept iteration to uncover new viable ideas.
OutSystems ended 2020 with a strategic collaboration agreement with AWS and began this year working with Yorkshire Building Society (YBS) and U.K.-based law firm Shepherd and Wedderburn. OutSystems helped YBS develop and build a new online mortgage calculator that has helped increase conversions by 54%, and worked with Shepherd and Wedderburn to create client-facing, “Smarter Working” applications.
“OutSystems matched our vision for reusable architecture, robust application lifecycle management, and a visual approach that would allow developers to focus more on delivering business value instead of coding,” Shepherd and Wedderburn Head of Technology Steve Dalgleish said. “It has given us the speed and agility to deliver effective process and technology solutions – both internally and for our clients – including complex, large scale, high-profile projects.”
An alum of our developers conference, OutSystems presented “Low-Code: The Next Evolution in App Dev Platforms (Oh, and 5xFaster)” at FinDEVrNewYork in 2017. In their presentation, the company showed how it helped take a European retail bank, BPI, through a major digital transformation including solutions for mobile banking, internet banking, branch, and contact center.
With headquarters in Boston, Massachusetts and Lisbon, Portugal, OutSystems has customers in 87 countries around the world and partnerships with 350 corporations including AWS, Deloitte, and fellow Finovate alum Infosys.