Odoo (formerly OpenERP) secures $10 million funding to grow its sales force, accelerate international expansion and pursue R&D efforts
Clipperton Finance acted as Sole Financial Advisor
Paris – May, 20th 2014 – Clipperton Finance, a leading European corporate finance boutique focused on the High Tech and Media industries announced the closing of a $10 million Series B financing for Odoo. The Company, based in Belgium, develops and commercialises a suite of simple and affordable business applications covering all professional needs for SMBs and large corporations.This financing round was jointly provided by leading venture capital firms XAnge (France), SRIW (Belgium), Sofinnova Partners (France), and the management team.
Odoo, is a leading business application software editor. Founded in 2005, Odoo thrives in a unique and fully open ecosystem combining the resources of its community, partners network and vendors. Odooprovides 25 main applications supported by the editor, from CRM, billing, POS management to Website builder and Chat solutions. In addition, the community, comprised of more than 1,500 active members, has contributed more than 3000 apps to cover a wide variety of business needs. The network of 550+ certified partners, established in more than 100 countries, deploys the solution locally. More than 2 million users rely on Odoo to run their business. The software, available online on odoo.com, is one of the most frequently installed business suites worldwide, and is used by both leading corporates such asDanone and McKinsey and SMEs worldwide.
Fabien Pinckaers, co-founder and CEO of Odoo, declared “Working with Clipperton proved to be a great experience, as their added value throughout the process allowed us to secure a financing with top tier funds which will give us the necessary fuel to build a champion in our field”.
Cyril Bertrand, Partner, XAnge Private Equity added “We have been extremely impressed by the breadth of the product the company has developed over the years, and its ability to become international so fast, providing day to day value to thousands of companies worldwide directly and through a global network of 550+ partners. We look forward to a great collaboration”
Nicolas Von Bulow and Thibaut Revel, Partners of Clipperton in charge of managing the transaction, commented “We are delighted to have accompanied a disruptive and highly promising company evolving in enterprise software, a critical segment of the software market experiencing the beginning of a transformation towards more agile, web-based and affordable solutions”.
Odoo’s financing round represents yet another software transaction for Clipperton, underlining its focus and expertise in this area.
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About Clipperton Finance
Clipperton Finance is a European corporate finance boutique exclusively dedicated to the HighTech and Media industries. Clipperton Finance advises high growth companies on financial transactions, Mergers & Acquisitions, fundraisings and capital increases. With a team based in London, Berlin, and Paris and an international reach, Clipperton Finance is a European leader in the sector. The team has successfully structured more than seventy high level international transactions in the European High Tech sector. For more information, visit www.clipperton.net