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Alphabet's venture capital department invested in the relatively unknown Odoo, raising its valuation to 5.3 billion US dollars.
Odoo is a startup company competing with SAP in the enterprise software sector. In the second round of stock financing led by Alphabet's venture fund and Sequoia Capital, its valuation was raised to 5 billion euros (equivalent to 5.3 billion dollars). The company, based in Belgium, develops open-source enterprise resource planning software with over 80 applications on its platform, providing business tools for accounting, customer relationship management, human resources, e-commerce, and website development. Odoo's CEO and co-founder Fabien Pinckaers stated in an interview this week that his company
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