Open source enterprise software company Odoo has announced its latest round of funding.
The company’s offering is based around an all-in-one business solution for SMBs, incorporating ERP and CRM functionality as well as accounting, inventory, manufacturing, project management, HR, marketing and website building.
Its latest $215mn round of investment, announced yesterday, came from growth equity investor Summit Partners.
"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," said Antony Clavel, a Managing Director at Summit Partners. "We are excited to continue our partnership with the Odoo team and believe the Company is positioned to transform the landscape of business software."
The company said it would use the funds to continue to build a global ecosystem. With 1,700 employees worldwide, the company also said it was significantly growing its Middle East office, currently supporting 600,000 users in the region.
"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," said Pavitra Singh, Managing Director of Odoo’s Middle East branch.
