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GIMV co-leads first financing round in Spanish ICT-company Openbravo

Press release
Antwerp, 19 May 2008

GIMV announces its investment of EUR 3 million in Openbravo, a Spanish software company. GIMV co-leads with British Amadeus Capital Partner the EUR 7.7 million series A-financing round. Spanish Adara Venture Partners and Sodena also participated. Openbravo is the leading developing company for open source enterprise resource planning software that allows companies to integrate and streamline business processes and information.

Openbravo is a leading Spanish software company that develops open source software for enterprise resource planning (ERP). ERP allows enterprises to integrate data sources and processes in a unified system that can assist in activities such as inventory control, order tracking, customer service, finance and human resources. Openbravo focuses on the fast growing SME market where ERP software is not yet so much integrated as in larger businesses.

The open source ERP software of Openbravo is freely available to software developers all over the world. A 'community' of developers helps, amongst others, to develop additional functionalities, improve the software code and to spread the products brand name. Besides this free software version, Openbravo offers a professional charged version. Currently the company has 80 partners in 40 countries worldwide who assist implementing Openbravo for their clients. Openbravo offers a wide range of services to its clients like training support, custom development and support.

GIMV and British Amadeus Capital Partners act as co-lead investors and each commit EUR 3 million to Openbravo's series A-financing round. The Spanish investors Adara venture partners and Sodena also participated in this capital round.

No further financial details will be disclosed. More information on Openbravo can be found in the attached press release and on

For more information, please contact:

Mr. Frank De Leenheer - Investor Relations & Corporate Communications Manager GIMV
Tel: +32 3 290 22 18 - E-mail:
Mr. Steven Coppens - Executive Investment Manager GIMV
Tel: +32 3 290 21 55 - E-mail:

Since its incorporation in 1980 GIMV has grown into Belgium's most important venture capital provider and company-builder. GIMV has now become a major European and international market player. Both in Belgium and abroad, GIMV invests in information and communication technology, life sciences and cleantech as well as in growth financing and management buy-outs (MBOs) of companies in more traditional sectors. In the Benelux region the company also targets infrastructure and real estate construction projects. GIMV currently manages around EUR 2.0 billion of assets (including third party funds). GIMV has been listed on Euronext Brussels since 1997.
For more information on GIMV, please go to



Monday, 19th May, 2008

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 produc

Publisher Contact Information:

+32 3 290 22 18

Company profile of GIMV N.V.
Past press releases of GIMV N.V. .


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