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. 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. doo 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. 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.