June 5, 2018 / 10:00 AM / 4 months ago

Goldman Sachs, KKR invest $360 mln in Portugal start-up

LISBON, June 5 (Reuters) - Portugal’s OutSystems, a low-code application platform, has raised $360 million from Goldman Sachs and U.S. investment firm KKR, valuing the company at more than $1 billion, it said on Tuesday.

The financing is a big boost for OutSystems, which runs a platform allowing software developers to build applications rather than using traditional coding, and for Portugal’s aspirations to become a technology hub.

OutSystems is the second Portuguese start-up with a valuation above $1 billion. The other is Farfetch, an online luxury clothing retailer with operations in Britain and Portugal, which is considering an initial public offering.

“This funding comes on the heels of a record-breaking year for the company and sets us on the path of tremendous future growth,” OutSystem Chief Executive Paulo Rosado said in a statement.

OutSystems serves corporate customers in more than 50 countries and has revenue of more than $100 million. It will use the funding to accelerate business expansion and on research and development.

“We believe we are in the early innings of what will be an extended period of significant growth in the low-code application development market, and we are excited to be backing a category leader like OutSystems,” said Stephen Shanley, director at KKR, in a statement.

Goldman Sachs made the investment through its Private Capital Investing platform. (Reporting by Axel Bugge; editing by Jason Neely)

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