Odoo raises $215M from Summit Partners

SaaS News - Odoo raises $215M from Summit Partners (Source: SaaS Industry)
At a Glance

Summit Partners led a $ 215M financing round for Odoo, an open-source all-in-one corporate software. Odoo is an open-source business software solution for small and medium-sized businesses. It offers a big app market for companies, with over 30,000 apps.

Odoo, an open-source all-in-one business software, has announced that it has raised $ 215 million from Summit Partners, a growth equity investor. Odoo is one of the most popular company management software systems globally, with over 7 million users.  

Founded in 2005, Odoo is a provider of all-in-one open source business software for small and medium-sized enterprises. The company grew quickly in the Middle East, reaching 160 workers in only three years, working with 600+ partners, and servicing 600,000+ users including UPS, MoTeC Middle East, STRATA, Philip Morris International Inc., and the Rashid Al Jabri Group of Companies.

Odoo’s mission is to simplify operations for small and medium-sized businesses by providing easy-to-use, low-cost software. The company’s SaaS solutions include accounting, inventory, manufacturing, project management, HR, marketing, and website builder, among others. Odoo has a large business app store with over 30,000 apps.

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.

Pavitra Singh, managing director of the Middle East branch of Odoo

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.

Pavitra Singh, managing director of the Middle East branch of Odoo

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. We are excited to continue our partnership with the Odoo team and believe the company is positioned to transform the landscape of business software.” Mr. Clavel joined the Odoo Board of Directors after Summit’s initial investment in the Odoo in December 2019.

Antony Clavel, a managing director at Summit Partners

Odoo, which employs approximately 1700 people worldwide, has grown at a rate of more than 50% each year for the past ten years and is profitable. Odoo has a strong worldwide ecosystem, with 3,850 partners and 90,000 community members using the software. It also has overseas offices in Belgium, Luxembourg, the United States, India, Mexico, Hong Kong, and Dubai.

We are thrilled to support the Odoo team for this next phase of growth. 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.

Han Sikkens, Managing Director and Head of Europe at Summit Partners
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