Odoo, an open source all-in-one business software platform, has announced a US$215 million investment from growth equity investor Summit Partners. The transaction represents an exit for investors Sofinnova Partners and XAnge who invested in the Company in 2010 and 2015, respectively.
The Company’s SaaS offering includes applications covering all business needs: accounting, inventory, manufacturing, project management, HR, marketing, website builder and more.
“Odoo has delivered sustained, strong and profitable growth over the course of the last several years, and this momentum has only accelerated in recent months,” said Antony Clavel, a Managing Director at Summit Partners who joined the Odoo Board of Directors upon Summit’s initial investment in the Company in December 2019. “We are excited to continue our partnership with the Odoo team and believe the Company is positioned to transform the landscape of business software.”
“Over the course of the last 3 years, the Middle East office growth demonstrates that open source business models have matured, and business owners here are questioning the high prices and complexities that the other software giants are offering,” said Pavitra Singh, Managing Director of the Middle East branch. “Odoo is a progressive company that pushes enterprises forward through our innovative and flexible software. And with the incredible digital transformation here in the Middle East and the clear support for open source tech by regional governments, this is an exciting time for us to be leaders in this space”.
“Worldwide, Odoo has a team of 1700 employees, has delivered growth of more than 50% per year over 10 years, and the Company is profitable. With 3,850 partners and 90,000 community members working with the software, Odoo has built a strong global ecosystem. The Company also has one of the biggest business app stores in the world, with more than 30,000 apps, and operates international offices in Belgium, Luxembourg, USA, India, Mexico, Hong Kong, and Dubai,” a statement made by the company informed.
“We are thrilled to support the Odoo team for this next phase of growth,” added Han Sikkens, Managing Director and Head of Europe at Summit Partners, who has joined the Company’s board with this investment. “We believe the future is bright, and Odoo clearly has the potential to disrupt the market led by software giants like SAP, MS Dynamics and Oracle.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.