Odoo, a Grand-Rosière, Belgium and San Francisco, CA-based leader in open source all-in-one business software, closed a $90m minority investment.
The deal was led by global growth equity investor Summit Partners, with participation from Odoo’s executive management team and existing investor SRIW and its affiliate Noshaq.
Summit joined management and current shareholders, including SRIW, Sofinnova and XAnge. Antony Clavel, a Principal with Summit Partners, has joined the Odoo Board of Directors.
The company will use the funds to accelerate its rapid product development pace and continued global expansion.
Founded in 2005 by Fabien Pinckaers, CEO, Odoo is a provider of all-in-one, open source business software for small and medium sized businesses worldwide.
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.
Odoo’s software tools are used by more than 4.5 million users worldwide.
The company has offices in the U.S., Belgium, Luxembourg, India, Hong Kong and Dubai.