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.

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