Odoo has received a strategic investment of 150 million euros (about $164 million) to continue its global expansion.
The Belgium-based provider of open-source integrated business software applications for small and medium-sized businesses (SMBs) received the investment from global growth equity firm General Atlantic, Odoo said in a Monday (June 26) press release.
“We believe Odoo’s differentiated value proposition for SMEs [small and medium-sized enterprises], together with its global partner network and commitment to product innovation, provides a clear path for continued growth,” General Atlantic Principal Tom Hussey said in the release. “Odoo delivers a powerful, integrated product suite for business owners at a fraction of the cost of point solutions.”
Odoo’s “open core” approach enables SMBs to consolidate their software vendors into one integrated suite, at a price point that is more affordable than spending on individual point offerings, and allows for data transfer and interoperability between the apps, according to the press release.
Since its founding in 2022, Odoo has enabled community developers to create about 40,000 business software applications covering finance, sales, human resources, marketing and other functions, the release said.
“We already offer a full spectrum of software applications to meet the unique needs of small and mid-sized businesses, and are constantly innovating beyond this,” Odoo founder and CEO Fabien Pinckaers said in the release. “General Atlantic’s partnership, including the firm’s global platform and software experience, will be impactful as we focus on sustained, strategic growth worldwide.”
In one recent partnership, Odoo teamed up with B2B payments network CoreChain Technologies to add CoreChain’s embedded B2B payments and financing to Odoo’s software and its ecosystem of 8 million users.
“As one of the most popular business management software solutions in the world, Odoo sits at the nexus of millions of B2B transactions — including both payments and lending — and now in partnership with CoreChain, can offer a new source of value and revenue across its ecosystem,” CoreChain Co-founder and CEO Chris Aguas said when announcing the partnership in December 2022.
From payment gateways to automatic invoicing software, a variety of Europe-based startups are using open banking technology to better cater to the needs of the SMB market.
Both payment platforms and accounting tools leverage open banking to streamline otherwise lengthy manual processes and create greater visibility over payments.
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