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American venture capitalist Summit Partners is buying out two other shareholders from Odoo. According to our information, the Walloon software company is valued at 2 to 2.5 billion euros (2.4 to 3 billion dollars) in the operation. That makes Odoo Belgium’s most valuable private tech company.
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The Belgian unicorns – unlisted tech companies with a valuation of at least 1 billion dollars – are few and far between. Only the data management company Collibra – valued at $2.3 billion last year – and the web hosting company Team.blue (ex-Combell) belong to that club. The software companies Deliverect and Showpad are well on their way to achieving that billion-dollar status quickly.
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From now on Odoo can also call himself a unicorn. Even a double unicorn. CEO Fabien Pinckaers keeps his lips tight, but De Tijd learned that the Walloon Brabant software company was valued at 2 to 2.5 billion euros (2.4 to 3 billion dollars) during a recent redesign of its shareholding. This makes the company not only the first Walloon ‘unicorn’, but also the most valuable Belgian start-up.
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The essence
- Summit Partners buys out (part of) some shareholders from the Walloon software company Odoo.
- The American venture capitalist puts 180 million euros on the table and becomes the second shareholder after CEO Fabien Pinckaers.
- Officially, there is no mention of Odoo’s valuation of the deal. De Tijd learned from a good source that this amounts to 2 to 2.5 billion euros (2.4 to 3 billion dollars).
- This makes Odoo the most valuable Belgian start-up and the first Walloon unicorn (‘unicorn’).
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In that operation, the American venture capitalist Summit Partners, who one and a half year ago has entered Odoo’s capital, 180 million euros on the table to buy out its co-investors XAnge (completely) and Sofinnova (partially). Sofinnova has been in the capital of Odoo since 2009, XAnge since 2014.
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The legendary Boston investor – an early Uber believer – also bought nearly 1 percent of Odoo shares from Walloon investors SRIW and Noshaq at the same time. As a result, their joint participation falls to approximately 10 percent. It is not known what percentage Summit Partners will hold from now on. Until now, it owned just over 12 percent of the shares. Founder and CEO Pinckaers (52%) remains in control. The management is also a shareholder of Odoo.
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Profiel Odoo
> Founded in 2005 by Fabien Pinckaers (CEO).
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> Delivered software and applications to SMEs, but also increasingly to larger companies.
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> Number of users: 7 million worldwide.
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> Revenue (2020): 83 million euros – expected 2021: 125 million.
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> 1.700 employees (50% in Belgium). End of 2021: 2,200.
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> Elf offices in 8 countries, Headquarters in Grand-Rosière, Waals-Brabant.
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> Shareholders: Fabien Pinckaers (CEO), Summit Partners, SRIW, Noshaq, management.
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