OutSystems Breaks Growth Records, Showing Further Proof of Market Leadership
August 08, 2018 -- 63 Percent Increase in Annual Recurring Revenue, 1000+ Enterprise Customers, 140,000 Community Members, Leader in 3 Analyst Reports OutSystems, provider of the number one platform for low-code rapid application development, had another record-breaking quarter across every key business metric. With a 63 percent increase in annual recurring revenue for the second quarter and a recent valuation at well over USD1 billion, the company is firmly establishing itself as the leader in the exploding low-code development market. It is also on track to beat all numbers from its record-breaking year in 2017. In the second quarter, OutSystems secured a USD360 million investment round to facilitate further expansion of the business. The investment, led by KKR and Goldman Sachs, further establishes the OutSystems low-code platform as the definitive development method for today's digital transformation projects. The latest round brings the venture investment in OutSystems to USD422 million.
· Customers: OutSystems added 96 new enterprise customers, bringing its total enterprise customer base to a record 1000+ companies. This was the highest number of new customers added in a quarter since the company was founded.
· Partners: Revenue from partner-led, new customer deals grew 75 percent year over year.
· Developers: 15,000 new developers began using the OutSystems platform during the quarter, and the total number of community members topped 140,000.
· Employees: To meet the growing demand for its platform and to increase R&D in new advancements in software automation, OutSystems added over 100 employees globally, bringing its total workforce above 800.
· Product innovation: OutSystems introduced OutSystems Sentry, which provides proactive security monitoring, built-in redundancy, and 24x7 support for OutSystems cloud-based platform-as-a-service customers. The company also launched an early access program for a groundbreaking app analytics solution, OutSystems Insights, that enables IT teams to gauge app performance and user satisfaction.
· Thought leadership: In June, OutSystems released The State of Application Development, 2018 report, which distinguished the company as a top IT thought leader. Featuring detailed analysis of survey results from over 3,500 IT professionals from around the world, it demonstrated that low-code is becoming mainstream and is accelerated app dev speed.