Odoo emerged that growth equity investor Summit Partners had invested €180 million (roughly $215 million) in the company. Odoo also received a "unicorn-sized" company valuation as part of the investment. Although the precise valuation was not made public, the term "unicorn" refers to a startup with a value of at least $1 billion. Odoo is the first IT business in Belgium's Wallonia region to reach this level of valuation.

Businesses can use the open-source business administration applications from Odoo for CRM, e-commerce, inventory control, point-of-sale, accounting, ERP, project management, and more. There are 30 applications available from the company that can be added to the platform as needed. Odoo is an affordable option for growing businesses looking for a solution that can scale with them, with different price points for different needs.

The shares that Sofinnova Partners and XAnge, who invested in Odoo in 2010 and 2015, respectively, previously held, have been acquired by Summit Partner as part of its investment in the software company. The investment won't increase the company's capital or provide any cash infusion.

The company's open-source platform is cost-effective, according to Fabien Pinckaers, who explained in a blog post that he plans to "keep the majority of the shares to guarantee our long-term commitment to the project and to the open-source community."

Pinckaers added, "This transaction is nothing more than a strong proof of market confidence," in the blog post he wrote to further announce the news. For us, hardly anything alters. Our priority is still creating a fantastic product that is available to lots of businesses. That is what counts. In collaboration with the community, we created incredible software. We can still help employees do more in less time by doing a lot of things, though.