Odoo announces €150m investment from General Atlantic to support continued global growth
Odoo has welcomed
a new investor, General Atlantic but what does this mean for #Odoo and if you
use Odoo? Well, it’s a great affirmation that Odoo, and Smart IT as the largest
and most successful UK partner, are on the right track and that our success
helps local companies grow and flourish. Ultimately
with a new investor, new insights, developments, and experiences can be shared
so the Odoo #ERP platform transforms even more businesses.
Here is the full article from General Atlantic :
Brussels, Belgium and New York, NY – June 26, 2023 – Odoo SA, a leading provider of open-source integrated business software applications for small and medium-sized enterprises (SMEs), today announced it has received a strategic investment of approximately €150m from General Atlantic, a leading global growth equity firm. Odoo SA plans to partner with General Atlantic to support the business’ continued global expansion.
Founded in 2002 by CEO Fabien Pinckaers, Odoo SA is a disruptor to the global SME productivity software market. Odoo’s “open core” philosophy has enabled community developers to create nearly 40,000 software applications for business functions including Finance, Sales, HR and Marketing, making it one of the largest business application stores in the world. Odoo allows SMEs to consolidate their software vendors into one integrated suite at an affordable price point, instead of spending a premium on individual point offerings. The Company’s single integrated codebase also allows for seamless data transfer and interoperability between apps, saving time and money and streamlining operations.
Odoo’s all-in-one approach has resonated with SMEs worldwide, garnering consistently strong customer and partner feedback. With 19 global offices serving over 50,000 paying customers across more than 200 countries, Odoo is strategically positioned to take advantage of the growing ERP market opportunity, which is expected to reach over $90B by 2029.[1]
“We are proud of what Odoo has accomplished. We already offer a full spectrum of software applications to meet the unique needs of small and mid-sized businesses, and are constantly innovating beyond this,” said Fabien Pinckaers, Founder and CEO of Odoo SA. “General Atlantic’s partnership, including the firm’s global platform and software experience, will be impactful as we focus on sustained, strategic growth worldwide.”
“We believe Odoo’s differentiated value proposition for SMEs, together with its global partner network and commitment to product innovation, provides a clear path for continued growth,” said Tom Hussey, Principal at General Atlantic. “Odoo delivers a powerful, integrated product suite for business owners at a fraction of the cost of point solutions. We look forward to supporting the Odoo team to capture their global market opportunity.”
“Odoo is much more than an ERP and has the potential to become a global category leader. We are delighted to welcome General Atlantic as a partner for this next phase of growth. Wallonie Entreprendre, as large institutional investor since 2014, fully delivered its mission of enabling scale up growth and will continue to support Odoo as reference shareholder,” said Damien Lourtie, CFO of Wallonie Entreprendre and member of the Odoo SA Board of Directors."
Morgan Stanley and BNP Paribas Fortis served as financial advisors to General Atlantic.