OutSystems, a Lisbon, Portugal and Boston, MA-based provider of a modern application platform, raised $150m in funding.

The round, which was co-led by Abdiel Capital and Tiger Global, valued OutSystems at $9.5 billion.

The company intends to use the funds to expand investments in its R&D and GTM strategy.

Founded in Portugal in 2001 by Paulo Rosado, CEO, OutSystems provides businesses of all sizes with a platform built around AI, cloud, DevOps, and security, to develop, deploy and manage apps at speed—enabling them to respond to market opportunities and continuously deliver value through software-driven innovation.

The company has customers in 87 countries, more than 1,300 employees worldwide, and partnerships with 350 partners including AWS, Deloitte, and Infosys.