As banks and private equity mavens look to corner the private investment market in major fintech and tech-innovation firms, low-code rapid application development maven OutSystems has raised $360m in an investment round from Goldman Sachs and KKR. The round values the company at well over $1bn; with the funds used to speed up business expansion and R&D.

The OutSystems low-code platform enables customers to leverage automation, artificial intelligence, and deep technology integrations. Software developers and business users can build applications through an intuitive, visual interface, rather than traditional coding. Customers experience strong cost savings and create competitive advantages by developing custom applications in days and weeks versus months and years, despite a shortage of skilled developers.

Companies such as Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial use the OutSystems low-code platform to rapidly develop custom applications that 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.

Companies such as Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial use the OutSystems low-code platform to rapidly develop custom applications that 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.

“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,” explains Paulo Rosado, OutSystems CEO. “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.”

The firm now ranks among the leaders in its market due to the breadth and depth of the platform. The company serves thousands of customers globally and is recognised as one of the fastest-growing technology companies with revenues well above $100m and growing at more than 70% annually.

“We believe we are in the early innings of what will be an extended period of significant growth in the low-code application development market, and we are very excited to be backing a category leader like OutSystems,” says Stephen Shanley,director at KKR.

“We found that we could point to every major industry sector and find excited and loyal OutSystems customers who have developed unique solutions and are adopting the platform across their organisation,” said Kirk Lepke, vice president at Goldman Sachs Private Capital Investing.

Christian Resch, managing director at Goldman Sachs Private Capital Investing, says “OutSystems is directly in line with what we seek for new investments: Support of exceptional founders and management teams in innovative businesses that offer a significant opportunity to create long-term value. We are very much looking forward to backing Paulo and the team to further expand this unique business.”

KKR’s investment was made through its Next Generation Technology Growth Fund.

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