Belgian tech giant Odoo secures $526Mn investment deal
GRAND ROSIERE, BELGIUM — Belgian software powerhouse Odoo S.A. has secured a landmark $526 million investment, propelling its valuation to €5.26 billion ($5.5 billion).
The funding round was led by technology investment giants CapitalG and Sequoia Capital, with significant participation from BlackRock and Mubadala Investment Company.
Financial performance and market impact
Odoo’s financial trajectory maintains a consistent 40% annual growth rate. The company reported billings of €370 million ($388 million) in 2023 and projects reaching €500 million ($524 million) in the next 12 months. Their target of €1 billion ($1.05 billion) in billings by 2027 showcases their aggressive growth strategy.
“ERPs are traditionally expensive and resource-intensive to implement, often failing to meet the actual needs and evolving requirements of SMEs. We have developed a unique value proposition that is playing a pivotal role in the market,” said Fabien Pinckaers, founder and CEO of Odoo S.A.
The company’s expansion plans include opening five new subsidiaries within the next three years across Europe, Latin America, and Asia-Pacific. Their network of 7,500 partners has created over 30,000 business-related jobs across 130 countries.
Alex Nichols, partner at CapitalG, praised the company’s achievements: “Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees.”
The recent launch of Odoo 18 in October further strengthens the company’s market position, demonstrating their commitment to innovation and customer experience. Summit Partners will remain Odoo’s largest institutional shareholder following this transaction, marking a new chapter in the company’s journey of growth and technological advancement.
Global footprint and growth
The company has established a global presence with 19 offices worldwide, spanning Belgium, Luxembourg, Spain, Germany, Hong Kong, India, Australia, United States, Mexico, Kenya, Dubai, Indonesia, Brazil, and Italy. With a workforce of nearly 5,000 employees globally, including more than 1,200 in Belgium, Odoo serves an expanding user base of 13 million.
