OutSystems completes €2.2 Million financing round
Lisbon, Portugal - 15 February 2005
OutSystems has announced the closing of a € 2.2 million Series B round of financing. The investment was led by the new investor PME Investimentos, a Venture Capital company.
OutSystems, a multinational software company with offices in Holland, Spain and Portugal, provides an innovative platform that changes the way companies create and maintain enterprise applications.
With the OutSystems Hub Edition platform applications are created quickly and can be easily modified during any phase of the project with very limited risk. This built-to-change approach ensures that they are constantly aligned with business needs and reflect user feedback maximizing adoption.
The flexibility provided by OHE supports IT departments in becoming highly agile organizations that consistently deliver new business solutions in record time.
Applications are delivered in time and on budget, with a reduction of 30% to 40% in the Total Cost of Ownership and user adoption rates above 80%.
The company was founded in March 2001 and in October that year obtained €1 Million seed funding from NeSBIC CTe Fund. This initial funding took the company though the development and launch of its flagship product, the OutSystems Hub Edition platform. In 2003 OutSystems achieved the financial breakeven and was identified by Fortune magazine as one of the 6 worldwide start-ups to watch.
Since its creation in 2001, OutSystems has built an impressive customer base which currently includes references in diverse industries, including Optimus Telecomunicações and Telefónica Móviles (Wireless Operators), Brisa Autoestradas, ANA Aeroportos and REFER (Transportation), Transgás, EDP Valor and E.ON Benelux (Utilities and Energy), Bristol-Myers Squibb Portugal (Pharmaceutics), DGDR (Government), Liberty Seguros (Insurance), Campofrio (Consumer Goods), among others.
João Vicente Ribeiro, President of PME Investimentos, commented “we are currently backing Portuguese high-tech companies with a high potential for internationalization and growth. OutSystems fits perfectly both categories and we believe it to be a winner in national and international markets”.
This new financing will enable OutSystems to accelerate its international expansion, which has been a feature of the company’s growth since its creation in 2001, and cement OutSystems’ position as a global high-tech company.
OutSystems’ CEO, Paulo Rosado, said of the investment: “We are very pleased with the trust shown in our team, technology, strategy and especially in our capacity to deliver. This investment is vital for the acceleration of our growth in Europe, especially in Spain and Holland, and to prepare for OutSystems’ entry in the UK and US markets. We will also make a significant investment in our R&D efforts with the clear objective of further increasing our competitive advantage and product differentiators.”
About PME Investimentos
PME Investimentos is an investment company which is especially active in the Venture Capital arena, currently managing 4 investment funds which amount to a total of 53 million Euros.
PME Investimentos also assumes the management role of the Fundo de Sindicação de Capital de Risco (an instrument for risk sharing between operators) and the Fundo de Garantia e Titularização de Créditos (an instrument to support national SMEs financing).
About NeSBIC CTe FUND
NeSBIC's CTe Fund is a leading independent pan-European venture capital fund targeted exclusively at converging technology & e-collaboration companies. As a value-added venture capital partner, NeSBIC CTe Fund takes an active part in helping portfolio companies to execute their business vision. NeSBIC CTe FUND manages two funds representing a total of €210 Million in investment.
For more information please visit www.ctefund.com