Milbank LLP has advised global growth investor Summit Partners in connection with a partial sell down of its investment in Odoo SA, a Belgium-based leader in open source all-in-one business software, to institutional investors.
The transaction forms part of a €500 million financing round led by CapitalG and Sequoia Capital, with participation from BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP and Alkeon, which values Odoo at €5 billion. Following the transaction, Summit will remain Odoo’s largest institutional shareholder.
Odoo provides a comprehensive suite of management software applications for small and mid-sized businesses, used by over 13 million users worldwide. This major transaction underscores Odoo’s leadership position in the SMB software ecosystem and strong financial profile. It also highlights the company’s continued momentum in reshaping the business software landscape with innovative, accessible solutions for companies worldwide.
The Milbank team was led by Global Corporate partner Andrej Wolf with support from associate Daniel Woods and trainee Yumi Noguchi.
