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The Series E funding round yielded a valuation of $9.5 billion.

OutSystems announced this week that it had closed a funding round that netted the company $150 billion in cash and a valuation at almost 10 billion dollars.

The company specialises in “low-code” soutions that allow companies to build their own software solutions. OutSystems’ platform combines visual, model-driven development with cloudlike services for artificial intelligence, DevOps agile techniques and security.

Booming growth due to the COVID pandemic

OutSystems was actually founded 20 years ago. And while they managed to make money all along, it wasn’t until the breakout of the COVID-19 pandemic that they saw their business soar.

The OutSystems platform enables organizations of all sizes to build their own software. This helps them in such areas as transforming customer experiences, delivering workplace innovation, automating processes, or modernizing core systems. OutSystems makes this possible by combining model-driven development with a modern platform built around AI, cloud, DevOps, and security.

As companies move to remote working they seek to find software-as-a-service (SaaS) solutions to help streamline their new displaced operations. For this reason, low-code solutions have become increasingly popular. Platforms such as OutSystems allow non-techie employees to develop their own software solutions. They do this by reducing or even eliminating the need for coding (low-code and no-code).

Gartner Research predicts that the overall market for low-code solutions will grow 23 percent in 2021.

This investment follows a year in which OutSystems continued to scale. They now have customers in 87 countries with more than 1,300 employees worldwide. They also have partnerships with 350 partners including AWS, Deloitte, and Infosys.

Developers are a “scarce resource”

Paulo Rosado, CEO and Founder of OutSystems, explained the company;s success. “Developers are a scarce resource in business today, and the complexities of traditional software development exacerbate the challenges most organizations face when tackling their digital transformation agenda,” said “By fundamentally changing the way software is built, OutSystems makes it possible for every organization to compete, innovate and grow with the developers they already have.”