Amadeus Capital Partners, the European technology investor, and GIMV, a leading European private equity and venture capital provider, have led a $12 million financing in Openbravo, the leading open source ERP software company. Adara Venture Partners, an investor in globally-oriented ICT ventures that address Spain and related markets, has also participated in the financing round.
Openbravo has developed the leading open source software for enterprise resource planning (ERP) targeting small and mid-sized enterprises (SME) around the world. The market for SMEs has been long under-served by the proprietary ERP players. Openbravo is successfully addressing those unmet client needs with a much more compelling software offering, at a lower cost, than traditional players.
Commenting on the investment, Amadeus’ Andrey Kessel says: “Openbravo has built a very strong reputation among its development community, giving the company a true edge in the world of open source software. The Openbravo product, which is taking the market by storm, has attracted a vibrant and rapidly growing ecosystem of partners, users and developers and we especially like the company’s strong commitment to work together with its partners and community. We are delighted to be involved and see an opportunity to create an undisputed leader in the new disruptive category of open source ERP software.”
GIMV’s Steven Coppens added: “We expect that Openbravo’s open source software business model will be the next breakthrough for the ERP market. Open source offers companies that never had access to truly integrated business systems an opportunity to improve their operations while reducing costs. Openbravo’s excellent management team has demonstrated strong execution capabilities, strategic vision and proven software development expertise. We are confident Openbravo will become a successful investment.”
Openbravo CEO, Manel Sarasa, says: “This group of high calibre investors is a great fit for Openbravo’s aims, combining technology and international expertise and strong networks. Their financing and support will propel the company to the next stage of growth, accelerating the roll-out of our software around the globe and will reinforce our leadership position in open source ERP. As a result, our Board of Directors has been significantly strengthened and we are looking forward to working with our investors.”
The investment round will facilitate the growth of Openbravo in several ways, ranging from improving the products themselves, to serving the community better. To accelerate the international reach of Openbravo, the funds will be used to attract additional partners around the world and to open selected international offices in order to extend the company’s services to its global partner network.
Advisers on the financing were, for Openbravo id law partners and Bufet Lacasa (law) and for the investors Baker & McKenzie (law), Taylor Wessing and ilv silver (due diligence).