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KKR, Goldman Sachs invest $360M in Portugal's OutSystems

OutSystems- Software em Rede SA, a low-code rapid application development software company, raised $360 million in an investment round from KKR & Co. LP and Goldman Sachs Group Inc.

The funding values the Portugal-based company at more than $1 billion. The company said June 5 that it will use the proceeds to expand its business, as well as for research and development in software automation.

KKR's investment was made through its Next Generation Technology Growth Fund, while Goldman Sachs' investment was made via Goldman Sachs Private Capital Investing.