OutSystems Revenue, Valuation, Funding & Investors
OutSystems is valued at $4.3B as of October 2022, a 8.8x multiple on its last reported $486M revenue.
Last OutSystems valuation
$4.3B
Series G · Oct 2022
Last OutSystems funding round
$230M
Series G · Oct 2022
OutSystems revenue
$486M
Series G · Oct 2022
Key investors in OutSystems
KKR
Armilar Venture Partners
Tiger Global
Goldman Sachs
Portugal Ventures
CPP Investments
About OutSystems
OutSystems is a low-code development platform leader headquartered in Lisbon, Portugal, enabling enterprises to build applications 10 times faster. It supports full lifecycle management with AI integration for mission-critical apps used by global brands like Mercedes-Benz and Vodafone.
Founded
2001
HQ
Boston, MAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$486M (Oct 2022)
Valuation
$4.3B (Oct 2022)
OutSystems Valuation
OutSystems is currently valued at $4.3B, based on its Series G in October 2022.
The $230M round was led by KKR.
OutSystems' valuation has grown 4.3x from $1B at its Series D in June 2018 to $4.3B in October 2022, across 3 priced rounds.
OutSystems valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2022 | Series G | $4.3B | 8.8x |
| Feb 2021 | Series E | $9.5B | - |
| Jun 2018 | Series D | $1B | 10.0x |
OutSystems Revenue
OutSystems' latest recorded revenue is $486M, as of its Series G in October 2022. At a $4.3B valuation, that implies a 8.8x revenue multiple.
Revenue grew from $100M in June 2018 to $486M in October 2022, while the revenue multiple moved from 10.0x to 8.8x.
OutSystems revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2022 | $486M | $4.3B | 8.8x | Series G |
| Jun 2018 | $100M | $1B | 10.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
OutSystems Funding History
OutSystems has raised a total of $795M across 4 funding rounds.
OutSystems' first fundraising round was a $55M Series C in February 2016. The most recent completed round was a $230M Series G in October 2022.
OutSystems funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2022 | Series G | KKR (lead) | $230M | $4.3B | OutSystems is a cloud-based low-code application development platform founded in 2001 by CEO Paulo Rosado, headquartered in Boston and Lisbon, enabling enterprises to build, deploy, and manage applications rapidly. The company raised €231.8 million ($228.4 million) in an October 2022 financing round primarily led by KKR & Co., marking KKR's return as an investor since 2018 when it helped push OutSystems past unicorn status. This round resulted in KKR acquiring a 5.3% stake at a post-money valuation of €4.4 billion ($4.3 billion), a 55% reduction from the prior $9.5 billion valuation achieved in a February 2021 Series E round of $150 million co-led by Tiger Global and Abdiel Capital. The 2022 investment included a tender offer allowing existing employees to sell up to 25% of their shares at the adjusted valuation, aimed at strengthening market position amid challenging conditions. OutSystems' CFO Tim McCarrick noted KKR's continued belief in the company. Prior to this, OutSystems had grown to serve customers in 87 countries with over 1,300 employees and partnerships including AWS, Deloitte, and Infosys, focusing on R&D and go-to-market expansion from earlier funding. The round is classified as a Series G or Private Equity - II, bringing total funding to around $800 million across multiple rounds. |
| Feb 2021 | Series E | Abdiel Capital (lead); Tiger Global (lead); KKR; Goldman Sachs; Armilar Venture Partners; Guidepost Growth Equity | $150M | $9.5B | OutSystems is a global leader in low-code development platforms, enabling enterprises to build, deploy, and manage mission-critical applications up to 10x faster than traditional methods. The platform supports custom apps for customer experience, case management, legacy modernization, field service, operational efficiency, SAP extensions, and business process management, with recent advancements in AI-powered features like Mentor for automated SDLC. Headquartered in Boston with roots in Portugal since 2001, it serves customers across 80 countries and 21 industries, backed by over 750,000 community members and 500 partners. In February 2021, OutSystems raised $150 million in a Series E funding round led by Abdiel Capital and Tiger Global Management, with participation from Armilar Venture Partners, Goldman Sachs, Guidepost Growth Equity, and KKR. The post-money valuation reached $9.5 billion, reflecting strong market confidence in its low-code leadership amid growing demand for rapid software innovation. This round followed prior funding, contributing to a total raised exceeding $500 million at the time, aimed at expanding R&D investments and go-to-market strategies to scale platform capabilities and market reach. The company positioned itself against competitors like Mendix, Bubble, Retool, and Unqork in the low-code/no-code space, leveraging AI, cloud-native development, and DevSecOps for enterprise-grade applications. Subsequent developments included a $230 million Series G round in October 2022 led by KKR, pushing total funding over $800 million, with focus on AI enhancements like generative AI for full-stack development and automated testing. OutSystems continues to innovate in agentic AI and real-time monitoring, maintaining its $9.5 billion valuation reference while navigating competition and developer talent challenges. |
| Jun 2018 | Series D | Goldman Sachs Growth Equity (lead); KKR (lead); CPP Investments | $360M | $1B | OutSystems is a low-code rapid application development platform founded in 2001 and based across Lisbon, London, and Atlanta. The platform enables enterprises to accelerate application development and deployment across multiple operating systems and cloud environments, serving customers in financial services, insurance, manufacturing, and other industries. The company's client base includes major enterprises such as Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial, with operations spanning 25 countries and over 400 enterprise organizations. OutSystems raised $360 million in Series D funding from KKR and Goldman Sachs Growth Equity in June 2018, valuing the company at well over $1 billion. At the time of the round, the company reported revenues well above $100 million with annual growth exceeding 70 percent, reflecting strong market traction in the low-code application development space. The investment was designed to accelerate global business expansion and fund research and development in software automation technologies. OutSystems continues as a leader in the low-code development market, competing with other platforms while serving thousands of customers globally across 87 countries. |
| Feb 2016 | Series C | North Bridge Venture Partners & Growth Equity (lead); Portugal Ventures; Armilar Venture Partners; Bright Pixel | $55M | - | OutSystems is a low-code application development platform founded in 2001 in Lisbon, Portugal, enabling businesses to rapidly build, deploy, and manage modern applications to address digital transformation challenges. The company provides a visual development environment that accelerates software delivery, targeting enterprises across industries like finance, insurance, healthcare, and government. By 2016, OutSystems had progressed through early funding stages, including a Series B in 2007 led by Armilar Venture Partners. In February 2016, OutSystems raised $55 million in a Series C round led by North Bridge Venture Partners & Growth Equity, with participation from Armilar Venture Partners, Bright Pixel, and Portugal Ventures. The funds were intended to enhance platform capabilities, support product development, and expand market presence globally. This investment marked a significant growth phase for the company, building on its rapid application development technology to scale operations and customer adoption. Later rounds demonstrated strong growth, such as a $150 million Series D in 2018 reportedly at a $1B valuation and a $150 million raise in 2021 at $9.5 billion valuation co-led by Abdiel Capital and Tiger Global, with participation from KKR, Goldman Sachs, and others. |
Who has invested in OutSystems?
11 investors have backed OutSystems across its funding rounds, including KKR, Armilar Venture Partners, Tiger Global, Goldman Sachs, Portugal Ventures and CPP Investments.
Lead investors include KKR, Abdiel Capital, Tiger Global, Goldman Sachs Growth Equity and North Bridge Venture Partners & Growth Equity.
OutSystems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Lead | Jun 2018 | |
 Lisbon | 2 | Participant | Feb 2016 | |
| Porto | 1 | Participant | Feb 2016 | |
 Toronto | 1 | Participant | Jun 2018 | |
| New York City, NY | 1 | Participant | Feb 2021 | |
| Porto | 1 | Participant | Feb 2016 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Abdiel Capital | United States | 1 | Lead | Feb 2021 |
| New York City, NY | 1 | Lead | Feb 2021 | |
| Boston, MA | 1 | Participant | Feb 2021 | |
This data is available for Pro users. Sign up to see all 11 OutSystems investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by OutSystems
OutSystems has acquired 1 company to date.
Last acquisition by OutSystems was on November 7th 2022. OutSystems acquired Ionic for $70M.
Latest Acquisitions by OutSystems
| Description | Ionic is a Madison, Wisconsin-headquartered platform for enterprise app development. It enables single-codebase apps across iOS, Android, desktop, and web using web standards. The suite includes Capacitor for native runtime, Stencil for Web Components, and cloud services for authentication, payments, and deployment. Clients include T-Mobile, IBM, and Volkswagen. |
| HQ Country | |
| HQ City | Madison, WI |
| Deal Date | 7 Nov 2022 |
| Valuation | $70M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all OutSystems acquisitions and their M&A valuation multiples. Start Free Trial | |
OutSystems Competitors
OutSystems competitors include listed companies like ServiceTitan and Polaris Holdings, and private ones like Unqork, Tricentis, Checkr and Cribl.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $133M | - | $2B | 15.0x | |
| Austin, TX | Private | $425M | $86M | $4.5B | 10.6x | |
| San Francisco, CA | Private | $800M | - | $4.6B | 5.8x | |
| United States | Publicly listed | $961M | ($86M) | $5.2B | 4.5x | |
| San Francisco, CA | Private | $100M | - | $3.5B | 35.0x | |
 Japan | Publicly listed | $312M | $45M | $283M | 1.3x |
OutSystems Public Comps
OutSystems is still privately-owned, but its public comps include Yonyou Hong Kong, TOTVS, ServiceTitan, Topicus, Kingdee, Intapp, TechnologyOne, Freee, Digiwin and Oracle Corp Japan.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | $27M | 3.9x | 3.7x | 199.0x | 73.9x | |||
| $1.1B | $318M | 3.9x | 3.2x | 13.7x | 12.1x | |||
| $961M | ($86M) | 5.0x | 4.5x | (55.8x) | 25.5x | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $1B | $95M | 2.7x | 2.5x | 29.9x | 24.2x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $426M | $182M | 15.4x | 13.7x | 36.1x | 30.8x | |||
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
This data is available for Pro users. Sign up to see all OutSystems competitors and their valuation data. Start Free Trial | ||||||||
Common questions about OutSystems
| When was OutSystems founded? | OutSystems was founded in 2001. |
| Where is OutSystems headquartered? | OutSystems is headquartered in Boston, MA, United States. |
| Is OutSystems publicly listed? | No, OutSystems is a private, VC-backed company. |
| What is OutSystems' valuation? | OutSystems was last valued at $4.3B in its Series G in October 2022. |
| How much funding has OutSystems raised? | OutSystems has raised $795M across 4 funding rounds. |
| What was OutSystems' last funding round? | OutSystems' last funding round was a $230M Series G in October 2022, led by KKR. |
| Who are OutSystems' investors? | OutSystems' investors include KKR, Armilar Venture Partners, Portugal Ventures, CPP Investments, Goldman Sachs, Bright Pixel, Abdiel Capital, Tiger Global, Guidepost Growth Equity, Goldman Sachs Growth Equity and 1 other. |
| What is OutSystems' revenue? | OutSystems' latest recorded revenue is $486M (October 2022). |
| What is OutSystems' revenue multiple? | OutSystems' latest valuation implies a 8.8x revenue multiple ($4.3B valuation on $486M of revenue). |
| Which companies are comparable to OutSystems? | Companies comparable to OutSystems include Unqork, Tricentis, Checkr, ServiceTitan, Cribl and Polaris Holdings. |
| How many companies has OutSystems acquired? | OutSystems has acquired 1 company, including Ionic. |
| What was the largest acquisition by OutSystems? | The $70M acquisition of Ionic in November 2022 is the largest acquisition OutSystems has made to date. |
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