[January 23, 2019] |
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OutSystems Achieves Record Revenue in 2018 with Successful Customers Fueling Low-Code Market Leadership
OutSystems,
provider of the number one platform for low-code rapid application
development, achieved record revenue in 2018 due largely to the value
customers are gaining from the low-code platform. OutSystems posted a 66
percent increase in annual recurring revenue for 2018, which is its
third consecutive increase of more than 50 percent, pushing annual
recurring revenue over $100 million.
OutSystems added hundreds of new customers and nearly 60,000 new
developers in 2018. Companies such as Toyota, Logitech, Deloitte, Ricoh,
Schneider Electric (News - Alert), and GM Financial use the OutSystems low-code
platform to rapidly develop custom applications that digitalize and
differentiate their business.
"The success our customers are having speeding their digital
transformation initiatives with our low-code platform is inspiring,"
said Paulo Rosado, CEO and founder of OutSystems. "Our customers'
success is translating into amazing results for us and for them. Demand
for low-code platforms has never been higher, and we look forward to
another year of tremendous growth and adoption of our platform."
Customer feedback recently propelled OutSystems to receive Gartner
Peer Insights Customers' Choice 2018 designations in both mobile
development and high-productivity aPaaS.
"We're thrilled to see customers using our low-code platform to
innovate, generate revenue, and improve productivity," said Rosado. "In
2018, we saw many new entrants in the low-code market with narrow
solutions that can box customers into a new form of legacy. Our
customers surprise and delight us every day with the wide variety of
ways they use our platform. This fuels our commitment to delivering a
full-stack, low-code platform without walls."
The platform supports the widest range of enterprise applications. Some
customers are using it to deliver mission-critical, efficient, reliable,
and compliant solutions that replace aging legacy ERP/CRM systems.
Others have built mobile and web apps for internal processes, field
services, and the frontline, dramatically improving employee
effectiveness and satisfaction. The strongest growth in 2018 has been
companies who are using OutSystems to develop B2C customer experiences
for online banking, account enrollment, and self-service, increasing
customer satisfaction, creating new revenue streams, and leapfrogging
competitors.
Here are just a few examples of customers who chose OutSystems to
increase business impact, remove complexity, and ramp up speed and
agility:
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The City
of Oakland modernized its digital services and increased
digital inclusion for residents, saving $1 million.
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Burton
revamped its logistics and distribution operations for its
snowboarding equipment and aparel sales. The app was delivered in
about one-third of the time originally estimated for a conventionally
coded app and has generated 10 times ROI in revenue.
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Supply chain management software giant Nimbi
developed a new core system that improved business productivity by 42
percent and saved $20 million in development costs.
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U.K. retailer Post
Office delivered a new mobile financial product in four
months. OutSystems is now the foundation of its future digital
strategy of creating new revenue streams to serve its 17 million
customers across the U.K.
Highlights from 2018 include:
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Funding: The record-breaking performance builds on the momentum
from a $360
million funding round from KKR and Goldman Sachs announced in June
that grew the company's valuation to over $1 billion.
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Employee Growth: OutSystems expanded its workforce by nearly
400 positions across all key strategic areas -- bringing total number
of full-time employees to over 1,000.
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Partner Growth: Partner-led deals helped triple annual
recurring revenue from channel deals.
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Product Innovation: OutSystems 11 was released to help
customers modernize legacy systems and replace large application
portfolios. Other innovations included the release of OutSystems
Sentry, a proactive security monitoring solution with built-in
redundancy and 24x7 support, the OutSystems Insights platform that
measures app performance and user satisfaction, and OutSystems.ai,
which adds artificial intelligence to the platform's visual
development process.
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Thought Leadership: OutSystems released its fifth annual
research report, The
State of Application Development, 2018 (How IT Is Responding to
Digital Disruption and Innovation), shedding light on the top
challenges of application development and delivery for IT
professionals and their companies and industries.
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Analyst Recognition: OutSystems cemented its Leader position
with a number of industry analysts. Most notably, Gartner (News - Alert) named
OutSystems a Leader in both the Enterprise
High-Productivity Application Platform as a Service (hpaPaaS) 2018
and Mobile
Application Development Platforms 2018.
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Industry Awards: The company also won several key industry
awards in 2018. It was named a Top Cloud Computing Employer by Forbes
for the third straight year, a top
cloud employer by Glassdoor and Battery Ventures, a Top-Rated
Low-Code Platform by TrustRadius,
and a CODiE
Award winner for the Best Mobile Application Development Platform
for the third year in a row.
About OutSystems Thousands of customers worldwide trust
OutSystems, the number one low-code platform for rapid application
development. Engineers with an obsessive attention to detail crafted
every aspect of the OutSystems platform to help organizations build
enterprise-grade apps and transform their business faster. OutSystems is
the only solution that combines the power of low-code development with
advanced mobile capabilities, enabling visual development of entire
applications that easily integrate with existing systems. Visit us at www.outsystems.com,
or follow us on Twitter (News - Alert) @OutSystems
or LinkedIn (News - Alert) at https://www.linkedin.com/company/outsystems.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190123005096/en/
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