OutSystems, provider of the number one platform for low-code rapid application development, has revealed its new and expanded Boston office. The expansion is fueled by an exponential growth in product adoption, over 100 percent growth in North American employment, and a 66 percent increase in annual recurring revenue worldwide in 2018.
The new 14,600-foot office space, located at 55 Thompson Place, is in the heart of the Boston Seaport district and is more than double the size of its previous Boston office. Boston was ranked the ninth likeliest city globally to become a “leading technology innovation hub outside of Silicon Valley over the next four years,” according to an annual survey by KPMG. *Technology Innovation Hubs 2019, KPMG
“We’re thrilled to grow our operations in Boston, one of the world’s true technology capitals,” said Paulo Rosado, CEO of OutSystems. “As our customers continue to innovate and speed their digital transformation initiatives with our low-code platform, we’ll be making more investments in the North American region to ensure their continued success.”
The market for low-code rapid application development continues to grow at a fast pace. A recent report by Forrester* noted that 23 percent of developers are already using low-code platforms and another 22 percent plan to within a year. While Forrester said, “digital businesses’ demand for ever more software ever more quickly is the big driver of adoption,” the report also noted that customers are responding to vendors’ efforts to remove previous limitations on low-code adoption. *The Forrester Wave™: Low-Code Development Platforms For AD&D Professionals, Q1 2019
OutSystems closed out 2018 as its most successful year ever. The company pushed its annual recurring revenue over $100 million for the first time, posting a 66 percent increase over 2017. Worldwide employment increased by nearly 400 in 2018, to over 1,000. OutSystems added hundreds of new customers and nearly 60,000 new developers during the year, and a $360 million funding round from KKR and Goldman Sachs increased the company’s valuation to over $1 billion.