General Atlantic has increased its stake in Odoo, acquiring an additional minority holding in the open-source business software provider at a €7bn valuation.

The follow-on investment sees General Atlantic buy shares from Wallonie Entreprendre, the investment arm of Belgium’s Walloon region. Wallonie Entreprendre will retain a 3% stake following completion of the transaction.

Founded in 2002, Odoo provides an integrated suite of business applications for small and medium-sized enterprises, covering functions including finance, sales, HR, and marketing. The company’s open-core model has supported the development of nearly 40,000 applications, making it one of the largest business software ecosystems globally.

General Atlantic first invested in Odoo in 2023 and has since partnered with management to scale operations and accelerate international expansion. Odoo is now growing profitably in 180 countries, with its top 15 markets expanding at more than 30% year on year, and serves more than 170,000 paying customers.

“Odoo is one of the most exciting software vendors worldwide; it is rare to see this level of growth, at scale, across virtually all countries,” said Andrea Calabro, principal at General Atlantic in EMEA.

The transaction underscores growth investors’ continued appetite for profitable, globally scalable software platforms, even as technology valuations remain under scrutiny.

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