Portugal’s OutSystems, a platform which allows users to build software applications with minimal coding, has raised $360 million from Goldman Sachs and U.S. investment firm KKR, valuing it at more than $1 billion and allowing it to beef up its leading position in this niche market.
Goldman and KKR took a minority stake in OutSystems with the financing, that will allow the company to expand in key markets in the U.S., Britain, Germany, Japan and elsewhere.
OutSystems said the demand for its products is growing rapidly as businesses go through digital transformation and need software solutions that can be developed and delivered quickly.
The operation makes OutSystems the second Portuguese technology company to be valued above $1 billion. It is a big boost for Lisbon’s ambitions to become a tech hub. The other is online luxury clothing retailer Farfetch, which is considering an initial public offering.