Espírito Santo Ventures invests 2,4 M EUR in OutSystems

Lisbon, Portugal - 21 June 2007


OutSystems today announced that it has closed a 2,4 M Euro investment round from ES Ventures, the venture capital of the Espírito Santo Group, through the ES Ventures II Fund.

Founded in 2001, OutSystems develops and markets a solution for application management and development that accelerates applications’ delivery and fosters their continuous adaptation to new business requirements. The permanent investment in Research & Development has proven to be of vital importance for the success of OutSystems, whose value proposition is shared by a customer base of over 70 companies, in seven countries and 12 different industries.

With this funding from ES Ventures, OutSystems intends to strengthen its growth in the markets where it operates, continuing its strategy of constant innovation in all areas of the company. Paulo Rosado, OutSystems CEO explains that “OutSystems is at an envious position in terms of results, customer satisfaction and international success. But we cannot stop. The IT industry suffers from extraordinary endemic problems, with projects that are too slow, expensive and almost always delayed and with IT budgets being consumed by the maintenance of systems that do not add any competitive differentiator. Our value proposition is unique in the way it responds to these challenges. But we must move fast and the time to invest is now, to keep the company growing with a solid capitalization. ES Ventures brings the support of an excellent financial group and a shared vision of great ambition for OutSystems.”

Joaquim Sérvulo Rodrigues, ES Ventures CEO considers that “OutSystems has a highly valuable product that has already proven itself in the market, has an experienced and determined management team and needs capital and support for its international expansion. These aspects were fundamental for our investment decision.”

Among the companies that have adopted the OutSystems solution are global references like Brisa Autoestradas, Bristol-Myers Squibb Portugal, Cofidis, Delta Energy, E.ON Benelux, EDP, Optimus Telecomunicações, Oxxio, REFER, SurfControl, Tercica Inc., Van Ameyde, Wasco among others.

 

About Espírito Santo Ventures

ES Ventures is a venture capital firm of Espírito Santo Group, focused on technology based companies and innovative business projects with high-growth potential. ES Ventures manages the ES Ventures II Fund, through which investments are made, already with a portfolio of 15 companies. For more information on ES Ventures, please visit www.es-ventures.com or send an email to info@es-ventures.com.

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