Open Source ERP Leader, Odoo, Announces US$215 Million Investment From Summit Partners
- Written by Felix Yuen
Hong Kong – Odoo, the open source ERP leader, announced an investment of US$215M from the 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. This also makes Odoo the first IT unicorn from the Wallonia region of Belgium.
With 7 million users worldwide, Odoo is one of the top-listed business management softwares in the world. The Company offers SaaS applications covering all business needs: accounting, inventory, manufacturing, project management, HR, marketing, website builder, and more. Odoo’s vision is to streamline operations for small and medium-sized enterprises, by offering accessible and affordable solutions.
Odoo is more than an overnight success. From its bootstrapped founding in 2005, the Company reached considerable scale with limited external funding; prior to Summit’s initial investment in 2019, the company had raised just US$11M in two rounds. Odoo's success lies in its focus on building a great product and a strong community. This has resulted in a consistent average billing growth rate of more than 50% per year over 10 years. During the pandemic, Odoo was able to double its Australian customer base by catering to the urgency of digitization of local SMEs.
Today, Odoo has a global team of 1700 employees, while its Hong Kong-based APAC regional office boasts 120 talents. Odoo is also supported by a strong ecosystem of 4000 partners and 90,000 community members that work closely on the advancements of the software. The Company owns one of the biggest online business app stores, which propels it to account higher sales revenue each year; its forecasted billings for 2021 amounts up to US$188M.
Fabien Pinckaers, Founder & CEO of Odoo, described this transaction as a signal that open source business models are not limited to technical products that serve only developers or system administrators. “Over the course of the last 15 years, open source software has been a catalyst for growth and change in the IT industry. Now, it has the maturity to transform business software too,” he claimed.
“We are thrilled to support the Odoo team for this next phase of growth. 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.”
- Han Sikkens, Managing Director and Head of Europe at Summit Partners --
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About Odoo: 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. For more information: www.odoo.com Key figures: Founded in 2005 – 7 million users worldwide - Forecasted billing of US$188 M in 2021 – 1700 employees globally – 4000 partners with 90,000 Odoo related jobs created in 150 countries – 11 offices (3 in Belgium, Luxembourg, Hong Kong, India, San Francisco, Buffalo, New York City, Dubai, Mexico). |
