Belgium-based Odoo, which provides all-in-one business software for SMEs around the world, is just one of many companies in which Summit Partners has invested capital.
But, clearly, the investment firm strongly believes in the potential of the ERP and CRM software company founded in 2005, as the scale-up plans to open half a dozen new offices and hire about 1,800 additional people worldwide.
After investing 180 million euros at a valuation of 2 billion euros less than a year ago, Summit Partners would have fully acquired the first investors Sofinnova Partners and XAnge for increase participation and raise Odoo’s valuation to 3.2 billion euros.
With the transaction, Summit Partners brought in an additional €112 million and increased its stake to 25%, with minority shareholders such as Xavier Niel and the Société régionale d’investissement de Wallonie (SRIW) still on the capitalization table.
Odoo founder and CEO Fabien Pinckaers and his management team retain much of the control, with around 65% of the capital in their hands. By all accounts, they are very wants to retain this important control.
The next step ? Driving business growth worldwide.
The company’s vision is simple yet ambitious: to streamline the operations of millions of small and medium-sized businesses, providing accessible and affordable solutions for things like accounting, inventory, manufacturing, project management, HR , marketing and more.
Odoo currently has more than 7 million users using its solutions and expects a turnover of around 300 million euros for the year (and a small profit on top of that), according to Belgian media.
These numbers, and this recent deal, cement the company’s position as one of Belgium’s few tech unicorns, alongside Collibra and Deliverect.