Open source enterprise software company Odoo has announced its latest round of funding.
The company’s offering is based around an all-in-one business solution for SMBs, incorporating ERP and CRM functionality as well as accounting, inventory, manufacturing, project management, HR, marketing and website building.
Its latest $215mn round of investment, announced yesterday, came from growth equity investor Summit Partners.
“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. “We are excited to continue our partnership with the Odoo team and believe the Company is positioned to transform the landscape of business software.”
The company said it would use the funds to continue to build a global ecosystem. With 1,700 employees worldwide, the company also said it was significantly growing its Middle East office, currently supporting 600,000 users in the region.
“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 Odoo’s 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”.
Odoo claims 7mn users worldwide, counting among its customers the likes of Sodexo, UPS and STRATA.
“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 also joined Odoo’s board. “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.”
