OutSystems Rises to Number 30 on the Forbes Cloud 100 List of Top Private Cloud Companies in the World

Accolade recognizes high-performance low-code leadership and commitment to AI-powered development since 2018

OutSystems, a global leader in high-performance low-code development, has been named to the Forbes 2023 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.

“IT leaders are under immense pressure to build custom software that will power their business and give them a competitive edge. Choosing the right development platform can make all the difference,” said Paulo Rosado, Founder and CEO of OutSystems. “The recognition on The Cloud 100 list for the third consecutive year highlights the value of our platform, the confidence of our customers, and the importance of cloud-native apps that can change the innovation strategy of any organization. In particular, it shows that our longtime leadership and vision for low-code, automation, and generative AI-powered development spanning the entire application lifecycle — from initial app creation to publishing, delivering, and maintaining apps over time — is resonating with the market, and will redefine the category of cloud-native application development.”

The Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%). For market leadership, The Cloud 100 enlists the help of a judging panel of public cloud company CEOs who assist in evaluating and ranking their private company peers.

“The companies of The Cloud 100 list represent the best and brightest private companies in this crucial tech sector,” said Kenrick Cai, Forbes Editor of The Cloud 100. “This year’s companies had to react rapidly to AI’s sweeping impact while contending with a market pullback. Their resilience puts them in elite company. Congratulations to each of the 2023 Cloud 100 honorees and the 20 Rising Stars who are showing early potential to one day join their ranks.”

“This year’s Cloud 100 list is one of the most dynamic in history. While the industry faced macro headwinds, the 2023 Cloud 100 winners displayed the innovation and resilience of the cloud economy, and the combination of growth and efficiency that prove the power of the cloud business model. 95% of the honorees are forecasted to reach Centaur status — $100 million of annual recurring revenue — by the end of the year,” said Mary D’Onofrio, Partner at Bessemer Venture Partners. “It is further exciting to see so many honorees at the forefront of the AI revolution, which we believe will continue to transform the cloud and propel the next wave of growth for many of this year’s winners.”

“The past year our industry has seen a generational step forward in innovation and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, Managing Partner at Salesforce Ventures. "The Cloud 100 list represents the best of the best and we've never been more excited about what the future holds, not only for the cloud but for the entire technology industry. We are proud of what these founders and their communities have already accomplished and look forward to seeing how they continue to transform the industry in the future."

The Forbes 2023 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100. Highlights of the list appear in the August/September 2023 issue of Forbes magazine.

This year, the CEOs of The Cloud 100 and the 20 Rising Stars companies will be honored with a digital content launch, as well as at the exclusive Cloud 100 Celebration hosted by Bessemer Venture Partners, Salesforce Ventures, and Forbes. A special thank you to the event sponsors, including Amazon Web Services (AWS), Bank of America, Cooley, Deloitte, HSBC, J.P. Morgan, Morgan Stanley, Nasdaq, and Qatalyst Partners.

OutSystems

OutSystems was founded in 2001 with the mission to give every organization the power to innovate through software. The OutSystems high-performance low-code platform gives technology leaders and developers the tools to rapidly build and deploy their own business-critical applications. The company’s network spans more than 600,000 community members, 400+ partners, and active customers in 87 countries across 22 industries. OutSystems is “The #1 Low-Code Platform®” and a recognized leader by analysts, IT executives, business leaders, and developers around the world. Some of the most well-known brands use OutSystems to turn their big ideas into software that moves their business, people, and the world forward. Learn more at www.outsystems.com

Bessemer Venture Partners

Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $19 billion of regulatory assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).

About Forbes

Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 47 licensed local editions in 80 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements.

Salesforce Ventures

Salesforce Ventures helps enterprising founders build companies that reinvent the way the world works. Since 2009, we’ve invested in and partnered with more than 400 of the world’s most tenacious enterprise software companies from seed to IPO, including Airtable, Databricks, DocuSign, Guild Education, Hopin, monday.com, nCino, Snowflake, Snyk, Stripe, Tanium, and Zoom. Salesforce Ventures leverages our decades of expertise in the cloud and our long-term relationships with key decision-makers at thousands of businesses around the world to give our portfolio companies an unfair advantage, help them build credibility, and accelerate growth. Salesforce Ventures has invested in more than 25 countries with offices all over the world including in San Francisco, Irvine, New York, London, Tokyo, and Sydney. Follow @SalesforceVC and learn more at http://www.salesforceventures.com.

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