App Developer OutSystems Raises $360 Million From KKR, Goldman Sachs

   By Nathan Allen

Rapid application-development specialist OutSystems said Tuesday that it has raised $360 million in funding from KKR & Co. L.P. (KKR) and Goldman Sachs Group Inc. (GS), giving it an implied valuation of more than $1 billion.

The company provides a platform that uses artificial intelligence and automation to allow developers to quickly build applications via a visual interface rather than with traditional coding.

OutSystems said the proceeds will be used to accelerate business expansion and to fund research and development in software automation.

Since launching in 2001, OutSystems said it has built up a network of thousands of customers and generates annual revenue of more than $100 million.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 05, 2018 05:51 ET (09:51 GMT)

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