Open source has become a major force in the world of IT, and today a startup that has built a profitable operation by developing business management software on the priniciple is announcing a sizable secondary investment on the back of that growth.
Odoo — a Belgium-based provider of open-source-based business software that ranges from inventory management and ERP through to human resources and CRM software, marketing tools and more, some 30,000 in all — has received $215 million from Summit Partners.
This is a secondary investment, meaning Summit is buying shares from existing investors (specifically Sofinnova Partners & XAnge): Odoo is profitable and has been so for years, CEO