OutSystems, a low-code rapid application development software company founded in Portugal and headquartered in Atlanta, announced it has raised $360 million in an investment round from KKR and Goldman Sachs. KKR’s investment was made through its Next Generation Technology Growth Fund.
The new funding values the company at over $1 billion, and much of the proceeds will be used to accelerate business expansion in North America and for R&D in new advancements in software automation, according to company representatives.
"At this point, the demand is so high, we’re growing so fast that we think we saw a great opportunity to reinforce our balance sheet and get the cash infrastructure we need to sustain our growth in the future," CEO Paulo Rosado said.
OutSystems develops software to increase speed and agility on a platform using automation, artificial intelligence and technology integrations to make it easer to develop apps through iOS, Android, Windows Phone and the Web. Customers of OutSystems platform include Toyota, Logitech, Deloitte, Ricoh, Schneider Electric and GM Financial.
Previous investors in the now unicorn startup include Portugal Ventures and Armilar Venture Partners, two VC funds based in Portugal. OutSystems was founded in Lisbon, Portugal and operates in 52 locations around the world. The funding from this round will be used to grow the company across all locations, Rosado said.
"The company is now about 750 employees worldwide," he said. "We’ll grow to 1,000 by the end of the year. This growth is expected everywhere, Atlanta included."
OutSystems opened its headquarters in Atlanta as part of the company’s continued expansion in the United States. The Atlanta location is the main office for OutSystems operations in North America and provides an additional hub for sales and service, according to a news release.
As OutSystems officially reaches unicorn status, Rosado said the company would continue to focus on the quality of service for customers and a culture that connects OutSystems many employees across the globe with one another.
"We’ll move very quickly," he said. "So growing at this rate, it’s a challenge right? Keeping all of these things in play and using a high level of quality at these fast growth rates---it’s making sure that scale is handled correctly."
