According to a MarketsandMarkets report published earlier this year, the global market for low-code development platform is estimated to grow from $4.3 billion in 2017 to $27.23 billion by 2022. That translates to an annualized growth rate of nearly 45% over the next few years. OutSystems has been a long-term player in this market. But it is only recently that it entered the Billion Dollar Unicorn club.

OutSystems’s Offerings

Lisbon, Portugal-based OutSystems was founded in 2001 by current CEO and entrepreneur Paul Rosado. Paul wanted to build a startup to solve a problem that customers weren’t even aware of 17 years ago. He wanted to allow for rapid development of applications by building a low-code platform to support that.

Paul realized the need for a platform like OutSystems through his experience at his Internet infrastructure company. He noted that IT projects were not finished on-time and on-budget because users kept trying to improve the requirements analysis until they could make the product work. He realized that people assumed that systems have interfaces for large numbers of users that can be defined correctly up front. But since these systems are built in .NET or Java, they become very difficult to change once the code has been written. He wanted to create a platform that would allow IT projects to be flexible. It adopted the concept of rapid application development paradigms where they designed an environment that could accommodate fast, dramatic changes without breaking the system.

OutSystems developed its first product in 2002. The initial product was focused on the telecommunications sector. Soon, it secured its first client – the Portuguese telecommunications company Optimus. It expanded into other telecom providers within Europe in the next few years. Gradually, the company grew into other industries. In the years to come, OutSystems continued to align with the changing times and from a license-based model, it shifted to a cloud subscription-based model.

Today, OutSystems provides an open, rapid application delivery platform that not only accelerates, but also simplifies the process of app development and deployment across iOS, Android, Windows Phone, and Web. It leverages AI, automation, and third-party integrations to help users build apps in a visual way, without having to learn how to code. Its client list has over 400 organizations including Toyota, Logitech, Deloitte, and GM Financial.

OutSystems’s Financials

OutSystems has taken its time to enter the Unicorn world. It is still privately held and does not disclose financials. But analysts estimate that the company is tracking at annual revenues of more than $100 million. Last year’s revenues are estimated to have grown 70% over the previous year. Its profitability figures are not known, but the company has been profitable for a while.

It has raised $422 million in funding so far from investors including KKR, Goldman Sachs, Portugal Ventures, Armilar Venture Partners, and North Bridge Venture Partners & Growth Equity. Its last round of funding was held in June this year when it raised $360 million in a private equity round that valued the company at “well over” $1 billion. In March, the company’s valuation was pegged at $600 million. OutSystems plans to use the latest funds to continue to drive expansion and software automation related R&D efforts.

OutSystems competes with Appian, Nintex Workflow Platform, and even Oracle. But OutSystems has been ranked among the leaders in the industry.

I would like to know how you think OutSystems’s ranks amongst its competition? What is it that Outsystems offers that others don’t?