OutSystems raises $150M investment at $9.5B valuation

Headquartered in Boston, Massachusetts, OutSystems said on Wednesday that the funding will be used to expand investments in its R&D and go-to-market-strategy.

San Francisco: Software development platform OutSystems has announced a $150 million capital raise, co-led by Abdiel Capital and Tiger Global, at $9.5 billion.

Headquartered in Boston, Massachusetts, OutSystems said on Wednesday that the funding will be used to expand investments in its R&D and go-to-market-strategy.

The company was founded founded in Portugal in 2001 to give every organisation the power to innovate through software.

The company said that the latest funding 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, businesses of all sizes can develop, deploy and manage critical apps at speed — whether it’s for transforming customer experiences, delivering workplace innovation, automating processes, or modernising core systems.

“Developers are a scarce resource in business today, and the complexities of traditional software development exacerbate the challenges most organisations face when tackling their digital transformation agenda,” Paulo Rosado, CEO and Founder of OutSystems, said in a statement.

“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.”

This investment follows a year that saw OutSystems momentum and scaling continue, with customers in 87 countries, more than 1,300 employees worldwide, and partnerships with 350 partners including Amazon Web Services (AWS), Deloitte, and Infosys.