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OpenERP Raises $10M, Becomes Odoo

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Business application software provider OpenERP has raised $10 million in funding to support its research and development efforts and rebranded with the new name Odoo.

The rebranding, with no reference to “ERP,” is intended to reflect the company’s expanded areas of focus in content management systems, ecommerce and point-of-sale applications beyond the core ERP function, and includes improved pricing and a free version for up to two users for very small businesses.

Jointly provided by venture capital firms XANge and Sofinnova Partners, both in France, SRIW in Belgium, and the management team, the new financing will support company growth, which included doubled sales from 2011-13, and an expanded R&D staff to more than 100 people.

"We did an unprecedented effort during the last 18 months to complete our offering with a new CMS, ecommerce, a full marketing suite including events, surveys, and marketing automation,” stated founder Fabien Pinckaers. “Our latest apps received an incredible traction from our community. It is now time to further boost our growth and secure our seat as the world's number one integrated business apps software. Over the next 18 months we will strengthen our U.S. operations, and EMEA.”

The online version of Odoo will now be free for up to two users, with more information available on the new Odoo.com, built with the company’s new website builder.

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