[Funding] OutSystems Raises $150 Million Investment from Tiger Global and others

Application platform OutSystems has announced a $150 million capital raise. Abdiel Capital and Tiger Global co-led the round at a valuation of $9.5 billion. The startup aims to use the funds to expand investments in its R&D and GTM strategy. The company states that the latest funding shows recognition of the success of OutSystems. It also shows the transformative impact on its rapidly expanding global customer base.

“Developers are a scarce resource in business today,” states Paulo Rosado, CEO and Founder of OutSystems. “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 focus on helping customers succeed with their most challenging digital transformation initiatives.” “Today’s announcement acknowledges our progress on that journey,” he further added.

About OutSystems

The company aims to recognize the challenges of building scalable, adaptable software. It helps give every organization the power to innovate through software. As per the company, the platform helps develop, deploy and manage apps for all businesses sizes (at speed). It further enables them to respond to market opportunities and continuously deliver value through innovation.

The OutSystems platform enables organizations to build the software that makes the difference; whether it’s for transforming customer experiences, delivering workplace innovation, automating processes, or modernizing core systems. Its customers rapidly building and delivering modern applications that scale and also continuously change with the business.

Testimonial

"Our company focuses on delivering better outcomes for patients, and to deliver that, our products require a digital dimension,” explained Karel Nouwen, Senior IT Director, Digital Business and Digital Health, Medtronic. “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."

This investment follows a year that saw OutSystems momentum and scaling continue. It has customers in 87 countries and more than 1,300 employees worldwide. Further, the company has partnerships with 350 organizations including AWS, Deloitte, and Infosys.