OutSystems secured $150 million at $9.5 Billion valuation

OutSystems, a Boston-based provider of a modern application platform, has recently secured $150 million in funding.

OutSystems is founded by Paulo Rosado in the year 2001. It offers businesses of all sizes with a platform built around cloud, Artificial Intelligence, security, and DevOps, to develop, deploy and manage applications with high speed, thus enabling them to respond to market opportunities and continuously deliver value via software-driven innovation.

Paulo Rosado, CEO, and Founder of OutSystems, said, "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. 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. 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."

Karel Nouwen, Senior IT Director, Digital Business and Digital Health, Medtronic, said, "Our company is focused on delivering better outcomes for patients, and to deliver that, our products require a digital dimension. Software innovation can't be bought—it can only be built—we needed a secure platform that would allow us to build the capabilities we needed quickly and easily. That’s precisely what OutSystems offers."

The Abdiel Capital and Tiger Global led the latest funding round at a valuation of $9.5 billion.

The company as of now has plans to use the new funds to expand investment in the GTM strategy and Research and Development, notes the announcement.