OutSystems, a Boston, MA–based provider of low-code rapid application development, raised $360 million in funding.
The investment round, which valued OutSystems at well over $1 billion, was led by KKR (through its Next Generation Technology Growth Fund) and Goldman Sachs.
The company will use the funds to accelerate business expansion and for R&D in new advancements in software automation.
Founded in 2001 and led by Paulo Rosado, CEO, OutSystems provides a low-code platform that enables customers to build and support enterprise-grade applications by leveraging automation, artificial intelligence, and deep technology integrations.
Companies such as Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial use the OutSystems low-code platform to develop custom applications to digitalize and differentiate their business.
The platform can support a wide range of enterprise applications, from large, mission-critical solutions that replace aging legacy ERP/CRM systems, to mobile and web apps for internal processes, to customer experiences like online banking, account enrollment, and customer self-service.
The company serves thousands of customers globally with revenues above $100m.