OutSystems Achieves Record Revenue in 2018 with Successful Customers Fueling Low-Code Market Leadership
Strengthened presence in Asia Pacific market drives tremendous value for customers
SINGAPORE, March 1, 2019 /PRNewswire/ -- OutSystems, provider of the number one platform for low-code rapid application development, achieved record revenue in 2018 due largely to the value customers are gaining from the low-code platform. OutSystems posted a 66 percent increase in annual recurring revenue for 2018, which is its third consecutive increase of more than 50 percent, pushing annual recurring revenue over $100 million. Asia Pacific has been a key contributor for 2018, attributable to OutSystems strengthened presence and enhanced network of strategic alliances and partnerships across the region.
OutSystems added hundreds of new customers and nearly 60,000 new developers in 2018. Companies such as AXA, FWD Insurance, McMillan Shakespeare Group, Randstad, Ricoh, and Schneider Electric use the OutSystems low-code platform to rapidly develop custom applications that digitalise and differentiate their business.
"The success our customers are having speeding their digital transformation initiatives with our low-code platform is inspiring," said Paulo Rosado, CEO and founder of OutSystems. "Our customers' success is translating into amazing results for us and for them. Demand for low-code platforms has never been higher, and we look forward to another year of tremendous growth and adoption of our platform."
Customer feedback recently propelled OutSystems to receive Gartner Peer Insights Customers' Choice 2018 designations in both mobile development and high-productivity aPaaS.
"We're thrilled to see customers using our low-code platform to innovate, generate revenue, and improve productivity," said Rosado. "In 2018, we saw many new entrants in the low-code market with narrow solutions that can box customers into a new form of legacy. Our customers surprise and delight us every day with the wide variety of ways they use our platform. This fuels our commitment to delivering a full-stack, low-code platform without walls."
"2018 has seen Asia Pacific enterprises increasingly betting on OutSystems to spur digital transformation across their respective businesses, given a renewed focus on legacy modernisation. Building on our strong momentum in 2018, we remain committed to pursuing product and service excellence to help empower APAC customers with a low-code development platform that supports innovation, continuous delivery, and better talent resource management," said Mark Weaser, Vice President, OutSystems APAC.
The platform supports the widest range of enterprise applications. Some customers are using it to deliver mission-critical, efficient, reliable, and compliant solutions that replace aging legacy ERP/CRM systems. Others have built mobile and web apps for internal processes, field services, and the frontline, dramatically improving employee effectiveness and satisfaction. The strongest growth in 2018 has been companies who are using OutSystems to develop B2C customer experiences for online banking, account enrollment, and self-service, increasing customer satisfaction, creating new revenue streams, and leapfrogging competitors.
Here are just a few examples of APAC customers who chose OutSystems to increase business impact, remove complexity, and ramp up speed and agility:
- AXA, the number one ranked global insurance company, developed a new insurance portal for brokers in just three months. The portal has since allowed more than 3000 brokers to access data via mobile, tablet and PC, with the capability to handle 260,000 claims per year - translating to reduced call centre volumes and costs.
- McMillan Shakespeare Group (MMSG) developed two mobile applications, which have removed inefficient manual processes. Built within 12 weeks using OutSystems, Digital RFQ can handle 7,500 quotation requests a year and has enabled MMSG to eliminate three to four- day delays in processing request for quotation (RFQ) paperwork. In just 20 weeks, MMSG was also able to develop a web-based application that has significantly streamlined the origination of new car finance agreements - reducing the time to receive an application from an average of three days to as little as an hour. The finance application, which has the capability to process around 220 applications every weekday, delivers an improved digital experience that has increased completion rates.
Highlights from 2018 include:
- Funding: The record-breaking performance builds on the momentum from a $360 million funding round from KKR and Goldman Sachs announced in June that grew the company's valuation to over $1 billion.
- Employee Growth: OutSystems expanded its workforce by nearly 400 positions across all key strategic areas -- bringing total number of full-time employees to over 1,000.
- Partner Growth: Partner-led deals helped triple annual recurring revenue from channel deals.
- Product Innovation: OutSystems 11 was released to help customers modernise legacy systems and replace large application portfolios. Other innovations included the release of OutSystems Sentry, a proactive security monitoring solution with built-in redundancy and 24x7 support, the OutSystems Insights platform that measures app performance and user satisfaction, and OutSystems.ai, which adds artificial intelligence to the platform's visual development process.
- Thought Leadership: OutSystems released its fifth annual research report, The State of Application Development, 2018 (How IT Is Responding to Digital Disruption and Innovation), shedding light on the top challenges of application development and delivery for IT professionals and their companies and industries.
- Analyst Recognition: OutSystems cemented its Leader position with a number of industry analysts. Most notably, Gartner named OutSystems a Leader in both the Enterprise High-Productivity Application Platform as a Service (hpaPaaS) 2018 and Mobile Application Development Platforms 2018.
- Industry Awards: The company won several key industry awards in 2018. It was named a Top Cloud Computing Employer by Forbes for the third straight year, a top cloud employer by Glassdoor and Battery Ventures, a Top-Rated Low-Code Platform by TrustRadius, and a CODiE Award winner for the Best Mobile Application Development Platform for the third year in a row. OutSystems was also recently recognised as a winner in G2 Crowd's annual Best Software Awards.
About OutSystems
Thousands of customers worldwide trust OutSystems, the number one low-code platform for rapid application development. Engineers with an obsessive attention to detail crafted every aspect of the OutSystems platform to help organisations build enterprise-grade apps and transform their business faster. OutSystems is the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire applications that easily integrate with existing systems. Visit us at www.outsystems.com, or follow us on Twitter @OutSystems or LinkedIn at https://www.linkedin.com/company/outsystems.
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