Odoo has bagged a €180M investment from Summit Partners, an equity investment firm based in Boston, Massachusetts
Online PR News – 06-August-2021 – Kozhikode, Kerala – Odoo has bagged a €180M investment from Summit Partners, an equity investment firm based in Boston, Massachusetts said Fabien Pinckaers, Founder of Odoo ERP in a recent press release. Odoo being a well-advanced business management software that is now used globally by business institutions irrespective of the operational dynamics, sector and the mode of functioning has been quite the focus of the various business as well as investors for the past decade offering exceptional services and quality based products. Today Odoo stands with over 7 million users all over the world, and 1500 employees, as well as 2500+ Odoo partners, rendering their services for customers from various walks of life.
Fabien also quoted that ”While I am sad that Cyril (XAnge) is leaving the board, I am more than happy to continue the Odoo story with Antony & Han from Summit.” This means the Summit Partners have bought the shares from XAnge who purchased them about 18 months ago. The reason for their exit and the new members aboard the board are not quite sure but it can be assured that it's all business and for the betterment of the software. Fabien also added that the huge sum of 180M Euros will not be directly injected into the development of the company and the Odoo software but will be focused on the long-term commitment to the projects and for the betterment of the open-source community.
He justifies it by stating that Odoo itself has a yearly profit of 60+ percent and the amount itself is only required to deal with the sustained growth of the software solution. Odoo being an Open Source software-based solution has a dedicated and well-structured Odoo community which consists of Odoo employees, partners, consultants, developers, and other supporting staff of the software to provide excellent software solutions for the management of the entire business. The Odoo community is majorly responsible for the widespread popularity and development of the software. Therefore, there is no doubt that Fabien needs to spend the investment on the development of the open-source community.
Odoo has now been the most profitable and highly capable SaaS-based alternative to SAP, MS Dynamics, and Oracle. And it has disrupted the traditional open-source market which was ruled by Microsoft, Oracle, and SAP to bring in advanced operational capabilities. Unlike other open-source business management solutions focusing on developers and systems administers the Odoo was different as the uses of the Odoo platform are accountants, cashiers, salespeople, sales and purchase managers, marketing officers, inventory workers, project managers, and many more working both internally and externally of the company.
In addition, the salient features such as low-cost customer acquisition, faster development, modular structure with dedicated modules, centralized inventory and database management along with advanced controlling as well as functional tools the Odoo is one of the best business management software solutions that are available today. Today Odoo has over 7 million Odoo community users and the exceptional capabilities as well as the widespread popularity due to the operational capability.
The new investments and the new members to the board are the strong recognition of the capabilities of Odoo and how the inverter market sees the business management software company. Further Odoo will be focusing on the development of the platform creating solutions and tools which help the business to stay ahead of the curve in business operations management.