DUBAI, UAE, Aug. 1, 2021 /PRNewswire/ -- Odoo, a leader in open source all-in-one business software, announced a US$215M investment from 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.
With 7 million users worldwide, Odoo is one of the most popular business management software solutions in the world. In the Middle East, the Company expanded at a rapid speed, reaching 160 employees in just three years, partnering with 600+ partners, and supporting 600,000+ users, including the likes of UPS, MoTeC Middle East, STRATA, Philip Morris International Inc., and Rashid Al Jabri Group of Companies.
The Company's SaaS offering includes 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, affordable solutions.
"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 who joined the Odoo Board of Directors upon Summit's initial investment in the Company in December 2019. "We are excited to continue our partnership with the Odoo team and believe the Company is positioned to transform the landscape of business software."
Odoo is more than an overnight success. From its bootstrapped founding in 2005, Odoo reached considerable scale with limited external funding; prior to Summit's initial investment in 2019. In 2018, the Odoo Middle East DMCC opened its office in Dubai, and the Managing Director accredits Odoo's success as a result of a relentless focus on building a great product and a strong community. The Company has an organizational culture for creative and forward-thinking innovation, making the Dubai office a desirable place for top tier candidates to join.
"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," says Pavitra Singh, Managing Director of the 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".
Worldwide, Odoo has a team of 1700 employees, has delivered growth of more than 50% per year over 10 years, and the Company is profitable. With 3,850 partners and 90,000 community members working with the software, Odoo has built a strong global ecosystem. The Company also has one of the biggest business app stores in the world, with more than 30,000 apps, and operates international offices in Belgium, Luxembourg, USA, India, Mexico, Hong Kong, and Dubai.
"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 joined the Company's board with this investment. "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."
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
About Summit Partners:
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $28 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Notable technology and software companies financed by Summit Partners include Acturis, Avast, Darktrace, FLEETCOR, Flow Traders, Infor, Klaviyo, Ogone, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
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