Odoo Announces $90 Million Investment Led by Summit Partners
GRAND-ROSIÈRE, Belgium & SAN FRANCISCO--(BUSINESS WIRE)--Dec 17, 2019--
Odoo, a leader in open source all-in-one business software, announced today that it has closed a $90 million minority investment led by global growth equity investor Summit Partners, with participation from Odoo’s executive management team and existing investor SRIW and its affiliate Noshaq. New investor Summit Partners joins management and current shareholders, including SRIW, Sofinnova and XAnge in supporting Odoo’s rapid product development pace and continued global expansion.
With more than 4.5 million users worldwide, Odoo is the most installed business software in the world. The company’s solutions are designed to support businesses of all sizes, with a flexible, fully-featured, and integrated suite of applications to run and manage all aspects of a business. Odoo’s functionality encompasses traditional ERP, including accounting, stock, manufacturing and CRM, as well as broader business needs such as project management, marketing, human resources, website, eCommerce, point-of-sale and more. With a modular approach, Odoo provides affordable, customizable and easy-to-use software that scales with business needs as a company grows.
“My goal in founding Odoo was to make a difference. I wanted to create software that powers the growth of businesses and changes the world,” said Fabien Pinckaers, Odoo Founder and CEO. “In order to achieve this, we’ve had to work hard, build a team and innovate at every turn. I’m incredibly proud of where Odoo is today and the passionate community we have built – and we’re just getting started.”
Since 2015, Odoo has operated with an open core business model that combines its open-source product, Odoo Community, with a suite of proprietary core apps through Odoo Enterprise. In addition to the 30 applications offered in Odoo Enterprise, Odoo’s community of 20,000 active members worldwide has contributed more than 16,000 apps that cover a broad spectrum of business needs. With revenue growth consistently above 50% over the last ten years, Odoo is one of Belgium’s leading technology success stories. To support the company’s growth and global expansion, Odoo has grown its team to 750-strong, including the addition of more than 300 team members in 2019. Odoo operates international offices in San Francisco, India, Hong Kong and Dubai to support a global customer base.
“In our experience, traditional ERP is expensive and frequently fails to adapt to the unique needs of dynamic businesses. With its flexible suite of applications and a relentless focus on product, we believe Odoo is ideally positioned to capture this large and compelling market opportunity,” said Antony Clavel, a Principal with Summit Partners who has joined the Odoo Board of Directors.
“We are thrilled to partner with Fabien and his visionary team for this next phase of growth,” added Han Sikkens, a Managing Director and Head of Europe at Summit Partners.
“As an early investor in Odoo, we are delighted to reaffirm our support in the company’s continued expansion,” said Damien Lourtie, General Manager of W.IN.G (SRIW Digital) and a member of the Odoo Board of Directors. “We are proud to support this impressive leadership team – a team that has successfully scaled Odoo from its roots in Belgium to the global business that it is today.”
Odoo was advised by financial advisory firm Lazard.
Odoo is a leading provider of all-in-one, open source business software for small and medium sized businesses worldwide. Founded in 2005, Odoo thrives in a unique and fully open ecosystem combining the resources of its community and partners to deliver a full range of easy-to-use, integrated and scalable business applications. Odoo has offices in the U.S., Belgium, Luxembourg, India, Hong Kong and Dubai. For more information, please visit: www.odoo.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Notable technology and software companies financed by Summit Partners include Acturis, Avast, Darktrace, FLEETCOR, Flow Traders, Infor, Klaviyo, Ogone, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
SRIW (Société Régionale d’Investissement de Wallonie) provides equity and/or debt to companies that generate added value and employment in Wallonia (Belgium) ($3 billion under management). For the last 40 years, SRIW has been facilitating the region’s economic development, contributing effectively to the modernisation, growth and restructuring of the businesses that make up the Walloon industrial network. For more information, please visit: www.sriw.be
XAnge is a Franco-German Venture Capital team with €450m under management, investing in Digital technologies, Deep tech and Impact entrepreneurs. XAnge is part of Siparex, a leading French private equity group. XAnge is a proud investor in Evaneos, Chauffeur Privé, Ledger, or Fidor. FindMyVC.io - www.xange.fr - Twitter @XAngeVC
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
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