OutSystems announced it has raised $360 million in an investment round from KKR and Goldman Sachs. OutSystems said the funding values the company at well over $1 billion, and the proceeds will be used to accelerate business expansion and for R&D in new advancements in software automation.
The OutSystems low-code platform enables customers to achieve significant efficiency gains in building and supporting enterprise-grade applications. The company serves thousands of customers globally and is recognized as one of the fastest-growing technology companies with revenues well above $100 million and growing at more than 70 percent annually.
Paulo Rosado, OutSystems CEO, said: "We're attacking one of the biggest problems facing businesses today -- the lack of speed and agility of traditional software development that is hindering digital transformation initiatives around the world. We see companies struggle with this every day and we're thrilled to be partnering with KKR and Goldman Sachs to solve this problem by bringing more innovation to our customers and re-defining the future of enterprise software development."
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