Odoo surpasses a valuation of €7 billion as General Atlantic raises its investment.

      Belgian business software company Odoo, which is also a unicorn, has achieved a new milestone. Growth investor General Atlantic has increased its ownership in the company by acquiring additional shares from regional supporter Wallonie Entreprendre, elevating Odoo's valuation to approximately €7 billion.

      This action is not a standard funding round that brings in new capital. Instead, it represents a secondary transaction: General Atlantic acquired existing shares that were previously owned by Wallonie Entreprendre, which is the investment arm of the Walloon region in Belgium. Following this transaction, Wallonie Entreprendre still retains about 3% of the company.

      Founded in Belgium in 2002, Odoo has steadily evolved from a small project into a global software platform. It provides an integrated suite of business applications utilized by small and medium-sized enterprises for a wide range of functions, including finance, sales, HR, and marketing.

      The software operates on an open-core model that promotes developers worldwide to create add-on applications, resulting in a large ecosystem of nearly 40,000 extensions.

      Currently, Odoo serves over 170,000 paying clients across approximately 180 countries. This expansive reach, along with consistent revenue growth, persuaded General Atlantic to increase its involvement. Since initially investing in the company in 2023, the firm has aided Odoo’s expansion into new markets and has contributed to the refinement of its commercial strategy.

      This update is particularly significant due to Odoo's enhancement of its product offerings. The latest versions now feature AI-driven capabilities and automation tools that make the suite more appealing to businesses looking to replace outdated and disjointed systems with a cohesive digital platform.

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

      This approach may facilitate longer private company growth, allowing businesses to focus on building value over time. It is unclear what is happening in Belgium or what their breakfast routine consists of, but the country has quietly emerged as a hub for international software business scaling.

      Odoo stands out as one of its notable success stories, demonstrating that a strong product focus, community-driven development, and global reach can garner significant support from prominent growth investors.