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- OutSystems
OutSystems Revenue, Valuation, Funding & Investors
OutSystems is valued at $4.3B as of October 2022. OutSystems revenue was $100M, as disclosed with its June 2018 round.
Last OutSystems valuation
$4.3B
Series G · Oct 2022
Last OutSystems funding round
$230M
Series G · Oct 2022
OutSystems revenue
$100M
Series D · Jun 2018
Key investors in OutSystems
KKR
Goldman Sachs
Armilar Venture Partners
Tiger Global
CPP Investments
Portugal Ventures
About OutSystems
OutSystems is a software company, founded in Lisbon in 2001 by Paulo Rosado, that sells a low-code platform for building, deploying and running enterprise web and mobile applications. Developers assemble applications visually and add code where needed, with AI assistance now built into the development cycle. Customers include large companies in financial services, insurance and manufacturing such as Toyota, Logitech, Deloitte, Schneider Electric and Mercedes-Benz. The company is headquartered in Boston and keeps a large engineering base in Lisbon, with offices in London, Atlanta and other cities. Investors include North Bridge Growth Equity, KKR, Goldman Sachs, CPP Investments, Tiger Global, Abdiel Capital and Armilar Venture Partners. OutSystems acquired the open-source mobile toolkit maker Ionic in November 2022.
Founded
2001
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jun 2018)
Valuation
$4.3B (Oct 2022)
OutSystems Valuation
OutSystems is currently valued at $4.3B, based on its Series G in October 2022. Read the announcement ↗
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 | - |
| Feb 2021 | Series E | $9.5B | - |
| Jun 2018 | Series D | $1B | 10.0x |
OutSystems Revenue
OutSystems' latest recorded revenue is $100M, as of its Series D in June 2018. At a $1B valuation, that implies a 10.0x revenue multiple.
OutSystems revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| 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. |
| 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 (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 | $55M | - | OutSystems announced a USD 55 million growth financing led by North Bridge Growth Equity on February 2, 2016. The Portuguese company developed a visual low-code platform for building, integrating and managing enterprise applications. It said the capital would support international sales, marketing, product development and expansion of its developer community. Contemporary reporting names North Bridge as the new investor and describes Portugal Ventures and ES Ventures as existing shareholders rather than identifying Bright Pixel as a participant. Sonaecom reported that Sonae IM obtained exposure to OutSystems only in December 2016 by purchasing units in Armilar-managed venture funds from Novo Banco. Bright Pixel should therefore not appear as a direct buyer on this February round. The event remains a USD 55 million Growth / Series C financing led by North Bridge. |
Who has invested in OutSystems?
9 investors have backed OutSystems across its funding rounds, including KKR, Goldman Sachs, Armilar Venture Partners, Tiger Global, CPP Investments and Portugal Ventures.
Lead investors include KKR, Abdiel Capital, Tiger Global, Goldman Sachs and North Bridge Venture Partners & Growth Equity.
OutSystems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2018 | ||
| 2 | Lead | Jun 2018 | ||
| 2 | Participant | Feb 2016 | ||
| 1 | Participant | Feb 2016 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Lead | Feb 2021 | ||
This data is available for Pro users. Sign up to see all 9 OutSystems investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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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 undisclosed valuation.
Latest Acquisitions by OutSystems
| Description | Ionic is a developer-tools company founded in 2012 and associated with Madison, Wisconsin. Its open-source framework lets developers build mobile, desktop and web applications with standard web technologies from a shared code base. The product family includes Capacitor for deploying web applications to native devices and Stencil for building reusable web components and design systems. Ionic also sells enterprise software, cloud services, support and security capabilities to organizations maintaining large application portfolios. Millions of developers have used its open-source tools, while commercial customers include large companies building internal and customer-facing applications. OutSystems acquired Ionic in November 2022 but said its tools and community would continue operating independently. The acquisition connected Ionic's cross-platform development ecosystem with OutSystems' enterprise low-code platform. |
| HQ Country | |
| HQ City | Madison, WI |
| Deal Date | 7 Nov 2022 |
| Valuation | undisclosed |
| 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 Ricksoft Co and GitLab, and private ones like Linear, Replit, Temporal Technologies and Revel.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $2.5B | 25.0x | ||
| Private | $150M | - | $9B | - | ||
| Private | $250M | - | $13B | 50.2x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $69M | $3M | $20M | - | ||
| Publicly listed | $955M | ($82M) | $9B | 7.2x |
OutSystems Public Comps
OutSystems is still privately-owned, but its public comps include Justsystems, C3.ai, Progress Software, Qt Group, Horizon Quantum, Hanwang Technology Co, Insyde Software, Shandong Cvicse, GitLab and DigitalOcean.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $327M | $154M | 3.8x | 3.9x | 8.1x | - | |||
| $250M | ($484M) | 5.0x | 5.3x | (2.6x) | (7.6x) | |||
| $978M | $302M | 3.1x | 2.9x | 9.9x | 7.5x | |||
| $242M | $60M | 4.3x | 3.9x | 17.4x | 16.0x | |||
| $269K | ($5M) | 2393.9x | - | (131.0x) | (31.9x) | |||
| $284M | ($14M) | 2.1x | - | (41.7x) | - | |||
| $52M | $14M | 5.6x | 5.4x | 20.8x | 20.3x | |||
| $22M | ($2M) | 7.5x | - | (105.8x) | - | |||
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 Lisbon, Portugal. |
| 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, Goldman Sachs, Armilar Venture Partners, Portugal Ventures, CPP Investments, Abdiel Capital, Tiger Global, Guidepost Growth Equity and North Bridge Venture Partners & Growth Equity. |
| What is OutSystems' revenue? | OutSystems' latest recorded revenue is $100M (June 2018). |
| What is OutSystems' revenue multiple? | OutSystems' latest valuation implies a 10.0x revenue multiple ($1B valuation on $100M of revenue). |
| Which companies are comparable to OutSystems? | Companies comparable to OutSystems include Linear, Replit, Temporal Technologies, Revel, Ricksoft Co and GitLab. |
| How many companies has OutSystems acquired? | OutSystems has acquired 1 company, including Ionic. |
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