Belgian business software firm Odoo has reached a significant milestone, with its valuation now estimated at approximately €7 billion. This increase follows growth investor General Atlantic’s decision to acquire additional shares from Wallonie Entreprendre, a regional backer.
This transaction is not a traditional funding round for new capital. Instead, it represents a secondary share purchase where General Atlantic bought existing shares previously held by Wallonie Entreprendre, the investment arm of Belgium’s Walloon region. Following the deal, Wallonie Entreprendre retains approximately 3% of the company.
Founded in Belgium in 2002, Odoo has evolved from a modest project into a comprehensive global software platform. It provides an integrated suite of business applications, serving small and medium-sized enterprises across various functions, including finance, sales, human resources, and marketing.
The software operates on an open-core model, which encourages developers worldwide to create add-on applications, fostering a vast ecosystem of nearly 40,000 extensions.
Currently, Odoo serves over 170,000 paying customers in approximately 180 countries. This extensive global presence and consistent revenue growth were key factors in General Atlantic’s decision to deepen its investment.
Since its initial investment in 2023, General Atlantic has supported Odoo’s expansion into new markets and contributed to refining its commercial strategy.
A notable aspect of Odoo’s recent development is the expansion of its product offerings. The latest versions incorporate AI-powered features and automation tools, making the suite more appealing to businesses seeking to replace disparate, outdated systems with a unified digital platform.
For the European technology sector, this development highlights an evolving approach to how successful software companies grow and attract capital. Rather than pursuing rapid exits or initial public offerings, some founders are opting for secondary share deals. This strategy allows early investors to realize returns while maintaining strategic control, potentially enabling companies to remain private longer and focus on long-term value creation.
Belgium has emerged as a fertile ground for software businesses to achieve international scale. Odoo stands out as a prime example, demonstrating that a strong product focus, community-driven development, and global reach can attract substantial backing from major growth investors.
