American fund injects 50 million euros in Outsystems – Express

The Portuguese OutSystems, a provider of business platform Rapid Application Development (RAD) announced Tuesday have completed a financing of $ 55 million (approximately EUR 50 million) to the North Bridge, now US American venture capital investing in high-growth technology companies and has 3.8 billion of capital under management dollars.

Speaking to Express, Paulo Rosado, CEO of the company, states that “This is the ideal time for this operation, after having grown 60% in subscriptions over the past year.” There were 40 US funds interested in the operation, of which 15 passed to the second phase with proposals.

“From a financial point of view, did not need the money,” says the manager. But the North Bridge entrance in the capital of Outsystems (the company does not disclose the taken capital), brings “a seal of reputational credibility too big and important to our business”, he said.

Founded in 2001, OutSystems has more than 600 enterprise customers and 130 partners in 33 countries and 22 industries. The current goal is to achieve global leadership in the sector and maintain growth rates above 50% in the next three years, advances Paulo Rosado, adding that 18 months ago, the Outsystems had two competitors and that today there are 41 companies operating in this business area in its American majority. According to the latest Forrester Report, the market for low-code platforms generated a minimum value of 1.7 billion dollars of revenue in 2015 and will grow up to 15.5 billion in 2020.

” We are excited to join the team, globally recognized, OutSystems. Our investment will help accelerate the continued growth of the company, as organizations increasingly rely on OutSystems to respond to the changing dynamics of the market and looking for faster and cheaper applications to meet business needs, “said Mike . Pehl, Partner at North Bridge

Jim Moran, also partner at North Bridge, specifies the two factors that were instrumental in the investment in OutSystems: “First, the customer base OutSystems is very faithful and values much experience with the product. Second, OutSystems is the market leader in Application Platform As a Service (aPaaS), a market that we believe we are beginning to grow given the high demand for applications and the relative scarcity of new necessary technical skills. “

The financing of the North Bridge, which joins the ES Ventures and Portugal Ventures as an investor in Outsystems, aims to strengthen the areas of sales and marketing at OutSystems in international markets where it is present and extend its offer to new geographies. Also the department of R & amp; D OutSystems will be enhanced by opening new positions in Portugal in the area of ​​computer engineering

Overall, the Outsystems has 350 employees worldwide and more than 120 open positions,. of which more than half in Portugal, especially in the area of ​​engineering. Outside, the jobs are more commercial claims, marketing and partnerships. “Every month, come about 20 people in Outsystems” said Paulo Rosado.