Odoo recently announced that it had received a €180 million (which equates to nearly $215 million) investment from the growth equity investor Summit Partners. As part of the investment, Odoo was also given a “unicorn-sized” company valuation. While the exact valuation was not disclosed, the “unicorn” term refers to a startup valued at over $1 billion. Odoo is the first IT company in the Wallonia region of Belgium to achieve a valuation of this size.
Odoo provides companies with a suite of open-source business management applications for CRM, e-commerce, inventory management, point-of-sale, accounting, ERP, project management, human resources, and more. The company offers 30 applications that can be added to the platform as needed. With various pricing points for different needs, Odoo is an accessible option for growing companies looking for a solution that can scale alongside them.
Summit Partner’s investment in Odoo takes the form of acquired shares previously held by Sofinnova Partners and XAnge, who had invested in Odoo in 2010 and 2015, respectively. The investment will not inject any cash into the company and won’t lead to a capital increase. In a blog post, Fabien Pinckaers said the reason for this is because the company’s open-source platform is profitable and that he intends “to keep the majority of the shares to guarantee our long-term commitment to the project and to the open-source community.”
Later in the blog post that he wrote to announce the news, Pinckaers also said, “This transaction is nothing more than a strong proof of confidence from the market. Nothing changes for us. Our focus remains on developing a great product and making it accessible to a large number of companies. That’s what matters. Together with the community, we built amazing software. But there are still a lot of things we can do to help employees do more, in less time.”
Learn more about Odoo.
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