Odoo reaches a valuation of over €7 billion as General Atlantic boosts its investment.

      Belgian business software firm Odoo, which is also classified as a unicorn, has achieved a new milestone. Growth investor General Atlantic has increased its ownership by purchasing more shares from regional supporter Wallonie Entreprendre, resulting in a valuation of approximately €7 billion for Odoo.

      This transaction differs from a typical funding round where new capital is raised; it is a secondary transaction in which General Atlantic acquired existing shares that were previously owned by Wallonie Entreprendre, the investment side of Belgium’s Walloon region. Following the transaction, Wallonie Entreprendre retains about 3% of the company.

      Founded in Belgium in 2002, Odoo has evolved from a small project into a global software platform. It provides an integrated suite of business applications that small and medium-sized enterprises use for various functions, including finance, sales, human resources, and marketing.

      The software operates on an open-core model that encourages developers worldwide to create add-on applications, leading to a vast ecosystem with nearly 40,000 extensions.

      Currently, Odoo has over 170,000 paying customers across approximately 180 countries. This international presence and consistent revenue growth were pivotal in persuading General Atlantic to increase their investment.

      Since its initial investment in 2023, General Atlantic has aided Odoo in expanding its market reach and enhancing its commercial strategy.

      A significant aspect of this update is Odoo's expansion of its product offerings. The latest versions feature AI-enhanced capabilities and automation tools, making the suite more appealing to businesses aiming to replace outdated, fragmented systems with a single, cohesive digital platform.

      For the European technology landscape, this development signifies a change in how successful software companies grow and secure investment. Instead of pursuing quick exits or IPOs, some founders are opting for secondary share transactions, allowing early investors to realize profits while maintaining strategic control.

      This approach can facilitate longer periods of private ownership, enabling companies to concentrate on building long-term value.

      While it's unclear what is happening in Belgium or what the locals are having for breakfast, the country has quietly emerged as a hub for software companies aiming to scale internationally. Odoo exemplifies this success, demonstrating that a strong product focus, community-driven development, and global reach can attract significant support from major growth investors.