OpenERP raises 3 million euros

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The business suite application vendor OpenERP announces today that it raised 3 million euros. The investors are Sofinnova Partners, represented by Olivier Sichel, and the Iliad's managers, Xavier Niel and Olivier Rosenfeld. The funds raised will allow OpenERP to achieve its ambition to be one of the leading application business suite vendors worldwide.

February 17, 2010 (MMD Newswire) -- The business suite application vendor OpenERP announces today that it raised 3 million euros. The investors are Sofinnova Partners, represented by Olivier Sichel, and the Iliad's managers, Xavier Niel and Olivier Rosenfeld. The funds raised will allow OpenERP to achieve its ambition to be one of the leading application business suite vendors worldwide.

OpenERP'strategy is based on a unique ecosystem which combines the resources of the community, of its partner's network and of the editor. The community contributes to the ongoing enrichment of the OpenERP solution. The partners tailor the solution to customers needs and provide the customer support. The editor guarantees the quality and the long term sustainability of the software.

In the past few years, OpenERP has experienced extremely fast growth, but only self funded and with limited financial resources. This fund raising represents a crucial milestone for OpenERP's development since it will allows OpenERP to focus its resources less on project management and more on its core business as a software editor.

In particular, OpenERP will be in a position to invest in the following areas:
* Investing in the development of the OpenERP's software
* Recruiting an training a worldwide network of partners
* Developing new services such as maintenance and SaaS

We are particularly proud to have found such quality investors, with a really good understanding of the stakes, constraints and objectives relating to open source software. Indeed, as investors are highly selective, it was really equally important for OpenERP to find investors that share our Open Source vision.

As of this fund raising, the company Tiny SPRL, previously the editor of OpenERP, has been renamed "OpenERP sa". In this coming year, the company will also open new offices in the United States.

About OpenERP
The company founded in 2005 by Fabien Pinckaers has already been extremely successful thanks a community comprised of more than 300 members and a network of integrators established in 26 countries. OpenERP software is comprised of more than 500 modules and counts more than 1000 installations a day, what makes it one of the most frequently installed management software in the world.

About Sofinnova Partners
Sofinnova Partners is an independant venture capital firm based in Paris. For over 35 years, the firm has backed nearly 500 companies at different stages of development - pure creations, spin-offs, as well as turnaround situations - and worked alongside Europe's key entrepreneurs in the technology, life sciences and cleantech sectors. With more than €1 billion of funds under management, Sofinnova Partners' experienced team and hands-on approach in nurturing and supporting porfolio companies through to exit have created market leaders and multiplied revenues, from ladmark historical investments including Genentech and Biogen to more recent successes such as Actelion, Vistaprint, CoreValve and Fovea. With a global mindset, the firm has offices in Paris, Shanghai, China and a sister organization in San Francisco, California. Please visit www.sofinnova.fr for more information on Sofinnova's team and portfolio.

Media contact OpenERP
Aline De Bock
+32 81 81 37 00
adb@openerp.com

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