NEW YORK & LONDON & LISBON, Portugual–(BUSINESS WIRE)–OutSystems,
the global leader in low-code rapid application development, today
announced it has raised $360 million in an investment round from KKR and
Goldman Sachs. The funding values the company at well over $1 billion,
and the proceeds will be used to accelerate business expansion and for
R&D in new advancements in software automation.

The OutSystems low-code platform enables customers to achieve
significant efficiency gains in building and supporting enterprise-grade
applications. By leveraging 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.

OutSystems is widely regarded as the leader in its market due to the
breadth and depth of the platform. The company serves thousands of
customers globally and is recognized as one of the fastest-growing
technology companies with revenues well above $100 million and growing
at more than 70 percent annually.

“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,” said
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.”

“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,” said Stephen Shanley, Director at KKR. Lucian
Schoenefelder, Member at KKR, added: “OutSystems is a perfect fit with
KKR’s strategy of supporting best-in-class technology entrepreneurs in
their ambition to build global category leaders in large markets. We are
very excited to partner with Paulo and his team and will make KKR’s
global platform available to support the OutSystems expansion plans.”

“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 organization,” said
Kirk Lepke, Vice President at Goldman Sachs Private Capital Investing.
Christian Resch, Managing Director at Goldman Sachs Private Capital
Investing, added: “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.”

“The market potential we see with OutSystems is incredible,” said Mike
Pehl, OutSystems board member and Managing Partner at Guidepost Growth
Equity. “With customers in over 50 countries and nearly 250 partner
integrators developing on the platform, it’s clear the low-code market
has reached a tipping point, and OutSystems is the clear leader.”

“Founded in 2001, OutSystems has always had a strong vision for their
platform and a strong company culture that promotes quality and
transparency,” said Joaquim Sérvulo Rodrigues, OutSystems Board Member
and Partner at Armilar Venture Partners. “Today, their technology is
very advanced, creating a high barrier to entry for potential
competitors. OutSystems has created a whole new market.”

“This funding comes on the heels of a record-breaking year for the
company,” said Rosado. “OutSystems stands strong as the pioneer in
low-code development. Having global investors the caliber of KKR and
Goldman Sachs that share our vision for the future of revolutionizing
software development sets us on a path of tremendous growth and
innovation that will fundamentally change how organizations build
software.”

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

About OutSystems

Thousands of customers worldwide trust OutSystems, the number one
low-code platform for rapid application development. Engineers with an
obsessive attention to detail crafted every aspect of the OutSystems
platform to help organizations build enterprise-grade apps and transform
their business faster. OutSystems is the only solution that combines the
power of low-code development with advanced mobile capabilities,
enabling visual development of entire applications that easily integrate
with existing systems. Explore
careers
at OutSystems, named a Top
Cloud Employer by Forbes
three years in a row. Visit us at www.outsystems.com,
or follow us on Twitter @OutSystems
or LinkedIn.

About KKR

KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, growth equity,
energy, infrastructure, real estate and credit, with strategic manager
partnerships that manage hedge funds. KKR aims to generate attractive
investment returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment opportunities
through its capital markets business. References to KKR’s investments
may include the activities of its sponsored funds. For additional
information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website
at www.kkr.com
and on Twitter @KKR_Co.

About Goldman Sachs Private Capital Investing

Goldman Sachs Private Capital Investing (“PCI”) is Goldman Sachs’
investment platform dedicated to providing long term capital to growth
and middle-market companies throughout the US, Europe and Israel. The
Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that
includes corporations, financial institutions, governments and
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world.

About Guidepost Growth Equity

Guidepost Growth Equity is a leading growth equity firm that partners
with technology companies offering innovative solutions in large,
dynamic markets including tech-enabled services, communications and
infrastructure, and data and information services. Prior investments
include Dyn (sold to Oracle), Jive Communications (sold to LogMeIn),
ProtoLabs (IPO on NYSE), and WP Engine. Guidepost Growth Equity provides
the flexible capital, operational support and strategic guidance
necessary to support the continued success of growth-stage businesses.

About Armilar Venture Partners

Armilar Venture Partners manages more than 200 million euros of assets.
Their worldwide companies provide innovative products and services that
are improving our world, the way we live, and the way we do business.
Since 2000, Armilar invested in more than 40 seed and early-stage
companies and currently has four investment funds, each managed with a
hands-on approach.

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