Belgium-based Odoo, a SaaS startup providing a consolidated suite of commerce applications constructed with an open-source development paradigm, has bagged US$ 215 million in a private equity round led by Summit Partners on 29 July 2021.
Investors: The private equity round featured Summit Partners as the lead investor. The company has managed to raise, in total, US$ 319.1 million to date.
Purpose of the funding: The company plans to deploy the proceeds from the investment round towards expanding the company’s global ecosystem. Employing 1,700 personnel across the world, the company seeks to grow in the Middle East, presently catering to around 600,000 clients in the region.
Established in 2005 by Fabien Pinckaers, Odoo delivers open-source business software solutions for small and medium-sized businesses. The company envisages simplifying basic operation tasks for SMEs by giving access to simple-to-understand and cost-effective software. Its services include book-keeping, inventory, production, project management, human resources, promoting and web development, and some more. The company has witnessed over 50% annual growth rate for the last ten years has earned massive profits. It has a robust global ecosystem, associated with roughly 3,850 enterprises and 90,000 community personnel through its software.
What the Managing Director has to say: “The growth rate experienced by the Middle East branch over the past three years highlights that open source development paradigms are maturing over time. Many businesses have become sceptical about other SaaS giants due to the high cost and complicated services they offer. On the other hand, Odoo is progressing at an accelerating rate, propelled by an innovative and flexible business model. It is an exhilarating moment to lead from the front in the Middle East as regional governments, and digital revolution here are quite supportive for growth.”- Pavitra Singh, Managing Director of Odoo’s Middle East branch.
What the investor has to say: “Odoo has been maintaining sustainable and profitable growth. It is delightful to pursue to financially support the Odoo team in its endeavours to revolutionize the domain of business software.”- Antony Clavel, Managing Director at Summit Partners. “We look forward to bolstering Odoo for the coming phase of its expansion. We estimate Odoo to lead the software industry, as it can supersede big software corporations such as SAP, MS Dynamics, and Oracle which dominate the market.”- Han Sikkens, Managing Director and Head of Europe at Summit Partners.
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