Privately held software company OutSystems, which has offices in Boston, says it’s valued at $9.5 billion after a $150 million capital raise. The round was led by Abdiel Capital and Tiger Global.
The company plans to funnel the money toward research and development and its sales strategy.
OutSystems focuses on “scalable, adaptable” software with little coding, using a combination of visual design and automation to aid the process of building mobile and web-based applications. Paulo Rosado, the company's CEO and founder, said in a statement
“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,” said Paulo Rosado, OutSystems CEO and founder said in a statement that while developers are scarce, businesses need to constantly upgrade their systems.
“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 said. “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.”
Founded in Lisbon in 2001, the company has counted Toyota and Logitech among its customers. It lists AWS, Deloitte and Infosys as “partners” on its website.
Its customer base spans 87 countries and its headcount stands at more than 1,300 employees.
Past investors include Goldman Sachs Group Inc., KKR & Co., Guidepost Growth Equity and Armilar Venture Partners. An investment round in 2018, raising $360 million from KKR and Goldman, brought the company’s valuation to over $1 billion.
