Odoo, based in Belgium and offering all-in-one business software for SMBs worldwide, is just one of several businesses that growth equity powerhouse Summit Partners has invested in.

Yet it is obvious that the investment firm strongly believes in the potential of the ERP and CRM software company established back in 2005 because of the scale-up plans to construct six new offices and hire about 1,800 more workers globally.

Summit Partners apparently fully acquired early investors Sofinnova Partners and XAnge to boost its interest and raise Odoo's valuation to €3.2 billion after investing €180 million at a €2 billion valuation less than a year ago.

Summit Partners increased their investment to 25% through the transaction, putting up an additional €112 million, while minor owners like Xavier Niel and the Regional Investment Corporation of Wallonia (SRIW) remained on the cap table.

With about 65% of the equity in the company's hands, Odoo founder and CEO Fabien Pinckaers and his management group maintain considerable power. They appear to be highly interested in retaining that enormous control.

Up next? driving global business expansion.

The goal of the business is to simplify operations for millions of small and medium-sized businesses by providing easily accessible, reasonably priced solutions for a wide range of issues, including accounting, inventory, manufacturing, project management, human resources, marketing, and much more.

According to Belgian media estimates, Odoo has more than 7 million users that utilize its solutions, and it anticipates revenue of around €300 million for the year (with a modest profit, of course).

With those figures and this most recent transaction, the business joins Collibra and Delivered as one of Belgium's few IT unicorns.