Odoo, a Ramillies, Belgium-based provider of an open source business management software solution, received a $215M investment from Summit Partners.
Han Sikkens, Managing Director and Head of Europe at Summit Partners, who has joined the Company’s board with this investment. The deal represents an exit for investors Sofinnova Partners and XAnge who invested in the company in 2010 and 2015, respectively.
Founded in 2005 by Fabien Pinckaers, CEO, Odoo provides a SaaS based business management software platform whose offering includes applications covering accounting, inventory, manufacturing, project management, HR, marketing, website builder and more to streamline operations for small and medium-sized enterprises.
Today, the company has a team of 1700 employees in 10 offices (3 in Belgium, Luxembourg, Hong Kong, India, San Francisco, New York, Dubai, Mexico), an accelerating growth rate and forecasted billings of €160M in 2021 – and is profitable. Odoo has 3,850 partners and 90,000 community members working with the software, with with more than 30,000 apps on the platform. The company’s solution is used by over 7 million users worldwide.
FinSMEs
30/07/2021