OutSystems, an Atlanta-based service that helps enterprises quickly build line-of-business apps, today announced that it has raised a $55 million funding round led by North Bridge Growth Equity. Previous investors in the company include ES Ventures and Portugal Ventures.
OutSystems isn’t exactly a new company anymore. It was founded in 2001 and now has over 600 enterprise customers and over 130 partners in 33 countries and across a wide variety of industries. Using the company’s platform, enterprise developers can quickly build applications that integrate with a number of third-party business applications. These include the likes of SAP, Salesforce.com, Workday and others. The core of the service is a graphical development tool. Developers can take the code this tool generates and extend it, but for many use cases, OutSystems users don’t have to touch any code.
I asked the company why it decided to raise now, more than seven years after it raised its Series B round. “Our customer base is very successful with the product,” a company spokesperson told me. “The technology is adding value and enabling a real competitive advantage to their business. Because OutSystems is a market leader in the low-code application platform space with over 16 years spent improving the technology and the market for low-code platforms is exploding, it was clearly time to capitalize on the opportunity.”
OutSystems tells me its financial situation has been very strong, but now it plans to capitalize on what it sees as an opportunity and to maintain its position in the market as competition increases. “This new investment will give us the working capital we need to address this growth,” the spokesperson said. “It will also fuel the company’s sales, marketing and product innovation efforts worldwide, with a strong focus on the US market and the developer community.”