The company was previously valued at $2.3B in July 2021. Here are the top-line bullets you need to know.
Odoo, an open-source enterprise resource planning (ERP) and customer relationship management (CRM) software for SMBs, saw its valuation rise to $3.4B following a share sale among its investors. Summit Partners fully bought out early investors Sofinnova Partners and XAnge to attain a 25% stake in the company.
HOW’S THE COMPANY PERFORMING?
- Belgium-backed Odoo offers open-source software to address operations across a variety of business areas, including accounting, project management, and marketing.
- The company has more than 7M users, including Trident, PCI, and Hyundai.
- It has over 1.7K employees at present.
- Odoo expects a $312M turnover this year.
WHY DOES THE MARKET MATTER?
- The global ERP software market is expected to reach a value of $61.7B by 2025, growing at a CAGR of 8.27%, according to Fior Markets.
- Companies are increasingly turning to ERP software to enhance their productivity and gain access to real-time data analytics.
- Demand for these solutions is particularly high among SMEs.