OutSystems – Startup Story | Founder| CEO | Funding | History | Competitors

Introduction:

OutSystems is a company that offers an application platform for software modernization and development. Among its offerings are process automation, onboarding, and the transformation of the digital customer experience. The business provides training, customer support, launch and event preparation, and technical advising services. OutSystems serves a variety of industries, including banking, government, healthcare, insurance, and higher education.

About OutSystems:

For the creation of enterprise mobile and web applications that operate in the cloud, on-premises, or in hybrid environments, there is a platform called OutSystems that uses low-code development. In 2014, OutSystems introduced a free version of the platform that gives programmers access to private cloud environments for the unrestricted development and distribution of web and mobile applications. Both the paid and free versions are currently using version 11.

Software solutions are offered by Outsystems, Inc. For the creation of enterprise web and mobile applications, the company provides an AI, cloud, and devops platform. Outsystems caters to clients all around the world. OutSystems is a cutting-edge application platform that enables businesses of all sizes to expertly handle any type of important application, from customer experience transformation to legacy modernisation.

OutSystems Founder & Team:

In Lisbon, Portugal, Paulo Rosado established OutSystems in 2001 with the goal of assisting clients in accelerating innovation and fundamentally altering the way business software is created. The Consortium of IT Software Quality includes OutSystems (CISQ).

OutSystems History:

There is no data of it.

OutSystems Name & Logo:

OutSystems Highlight:

OutSystems Revenue:

It generates total revenue of $206.6 million.

OutSystems Funding & Investors:

OutSystems became a unicorn in June 2018 after securing a $360 million round of funding from KKR and Goldman Sachs. With a total valuation of $9.5 billion, OutSystems raised an additional $150 million in funding in February 2021 from a round co-led by Abdiel Capital and Tiger Global Management.

Low-code software platform creator OutSystems Inc. announced today that it has raised a $150 million late-stage funding round from a number of investors, giving it a total valuation of $9.5 billion and more than $570 million in financing. The Series E fundraising and the astronomical valuation attest to the exploding demand for platforms that let corporate customers create their own software instead of waiting for long lead times as is typical of enterprise application development companies.

In only the previous three years, OutSystems, which will commemorate its 20th birthday in less than two weeks, has raised $510 million. In 2002, the business used application service providers—the forerunners of today’s cloud infrastructure providers—to provide its first product. In a recent interview with SiliconANGLE, Chief Executive Paulo Rosado (above) stated that “the product has always been designed on a cloud architecture.”

OutSystems Business Model:

Although software-as-a-service is a desirable substitute for packaged programmes, Rosado claimed that it doesn’t distinguish a business from its rivals. SaaS is a commodity, he claimed, and vendors only develop features they are certain will be used by hundreds or thousands of clients. Many of the projects that we observe customers launching are particular to the business.

The platform from OutSystems integrates cloud-like services for artificial intelligence, DevOps agile methods, and security with visual, model-driven development. The business reported that it made more than $100 million in revenue in 2018 and that it now had clients in 87 different countries, more than 1,300 staff members worldwide, and 350 partnerships. It was one of five businesses listed in the most recent Gartner Magic Quadrant as a “leader” in its industry.

Services Offered thru OutSystems:

The most common component categories, which you can share in OutSystems Forge, are:

• Integrations.
• Device capabilities.
• User Interface.
• Functional libraries & utilities.
• Development tools.

OutSystems Awards & Recognition:

There is no data of it.

OutSystems Competitors:

Competitors and Alternatives to OutSystems

• Appian Low-Code Platform.
• Quickbase.
• Power Apps.
• Salesforce Platform.
• Application Express (APEX)
• Mendix Platform.
• Zoho Creator.
• Pega Platform.

OutSystems Latest News:

There is no data of it.

OutSystems Future Plans:

According to Gartner Inc., the global market for low-code development tools will increase by around 23% this year to $13.8 billion and by another 23% the following year to $17 billion. Previously under the radar, the category of business users that Gartner refers to as “citizen developers” is now publicly being embraced by CIOs as a method to relieve strain on overworked development teams.

Through the end of this decade, the U.S. Bureau of Labor Statistics predicts that employment of software engineers and software quality assurance analysts will increase at a rate that is more than five times that of all other jobs. It’s predicted that there won’t be enough developers this year in the United States alone.

Some FAQs About OutSystems :

What is future of OutSystems?

Project Neo, expected for deployment in late 2022, is introduced by OutSystems. Building cloud-native applications using containers, Kubernetes clusters, serverless services, and numerous other cutting-edge technologies is now far simpler thanks to this new offering.

Which is better OutSystems or Salesforce?

based on authentic customer reviews in the market for enterprise low-code application platforms. With 670 reviews, OutSystems has a rating of 4.5 stars. With 231 reviews, Salesforce has a rating of 4.4 stars.

Which is better OutSystems or mendix?

With its abundance of detailed instructions for developing apps, OutSystems excels in the area of user-friendly app interfaces, but Mendix provides a fully cloud-based option with excellent IT project management and native collaboration.

Conclusion:

OutSystems has gained the trust of chief information officers by presenting itself as their ally in the fight against the skills gap. Rosado remarked that our main partners are often our CIOs. We are very aware of their difficulties. There is also a change management issue because they have a significant labour and talent problem and are under tremendous pressure from the business to execute quickly while the business is continuously changing.

Suraj Verma

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