KKR, Goldman Sachs invest $360m in OutSystems

Following the investment, KKR and Goldman Sachs acquired a large minority stake in the business, KKR deploying around $240m and Goldman Sachs $120m, according to a source familiar with the situation.

Unquote understands that KKR director Stephen Shanley will join the board of OutSystems to support the company in its new phase of growth, alongside CEO Paulo Rosado.

KKR deployed capital from its Next Generation Technology Growth Fund, which held a final close on $711m in December 2016.

The company will use the fresh capital to bolster its expansion, consolidate its market position and further develop its digital platform.

Previous funding
OutSystems raised €1m in a first funding round in 2001 from VC firm NeSBIC via its fund II. Following the deal, the GP acquired a minority stake in the company and exited the investment in 2007. PME Investimentos led a €2.2m series-B funding round in the company in February 2005. In 2007, OutSystems received €2.4m in a round led by Espírito Santo Ventures. US-based North Bridge Venture Partners provided $55m in funding to the business in February 2016.

Company
Founded in 2001 in Lisbon, OutSystems later moved its headquartered to Atlanta in the US. The company specialises in low-code rapid application development and provides a delivery platform that allows companies to develop their mobile and web apps, integrated with existing systems across various devices. The company generated revenues of $100m in 2017, recording a 70% year-on-year growth.

People
OutSystems – Paulo Rosado (CEO).
KKR – Stephen Shanley (director).
Goldman Sachs Private Capital Investing – Kirk Lepke (vice-president).

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• Topics
• Expansion
• Southern Europe
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• Goldman Sachs
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