The transaction was led by CapitalG (which is none other than the growth fund of Google’s parent company, Alphabet) and Sequoia Capital, one of the most prestigious funds in Silicon Valley.
Beyond the valuation, the operation is distinguished above all by the identity of the new shareholders. The new ones are part of the “crème de la crème of American venture capital funds. The transaction was led by CapitalG (which is none other than the growth fund of Google’s parent company, Alphabet) and Sequoia Capital, one of the most prestigious funds in Silicon Valley Other new investors include the giant BlackRock, Mubadala Investment Company (investment company owned by the Abu Dhabi government), HarbourVest Partners (private equity fund based in Abu Dhabi). Boston), AXA Venture Partners and Alkeon.
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For Wallonia Entrepreneurship is a jackpot!
Although the numerical details of the transaction have not been disclosed, we were told that Summit Partners and Wallonie Entreprendre (WE) had sold part of their shares to new entrants to Odoo’s shareholding. Summit remains the main institutional shareholder of Odoo with a stake of between 15 and 20%. WE, which still owned 6% of Odoo, sold 2%. As for Noshaq, he sold the last percent he still held. “With this transaction, WE and Noshaq have achieved a new capital gain of 140 million euros.assures us a pocket source of the file.
The two Walloon public funds had already reaped significant capital gains during the secondary transaction in June 2023. For Wallonie Entreprendre, it’s even a jackpot! The former SRIW entered the capital of Odoo in 2014. The investment, to the tune of 10 million, allowed it to acquire 8% of the Walloon nugget (whose valuation at the time was around 30 million euros). Last year, the sale of 2% allowed it to realize a capital gain of more than 70 million euros. In total, and knowing that it still holds 4% of the capital, the investment in Odoo would have already brought it 175 million euros!
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Guaranteed Walloon roots
Fabien Pinckaers, for his part, remains imperturbable… Barely surprised by the arrival of CapitalG, Sequoia or even BlackRock in the capital of his company, he retains control of Odoo with 56% of the shares. The company’s management also has them. Enough to guarantee the Belgian-Walloon anchoring of Odoo in the face of the armada of American funds.
With more than 13 million users and the acquisition of more than 7,000 new customers each month, Odoo has firmly established itself in the business software industry. Odoo is experiencing annual growth of 40% and plans to exceed €650 million in revenue over the next 12 months, with the goal of reaching €1 billion in revenue by 2027.
