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Software application vendor Openbravo secures $12m in the largest ever round for Open Source ERP
New investors Amadeus Capital, GIMV and Adara Venture Partners fund next stage of growth and vouch f


Pamplona (Spain) and Cambridge (MA, US) - 19th May, 2008 - Openbravo, the leading developer of web-based open source Enterprise Resource Planning (ERP) and Point-of-Sale (PoS) solutions has received $12m of second round funding to back its next stage of growth. The round was led by Amadeus Capital Partners, the European technology investor, and GIMV, a leading European private equity and venture capital provider. Adara Venture Partners, an investor in globally-oriented ICT ventures that address Spain and related markets, has also participated in the round.
Openbravo has developed open source software for enterprise resource planning (ERP), specifically for small and mid-sized enterprises (SME), where market adoption of ERPs is still low since proprietary players have traditionally underserved this market. Openbravo's fully functional, web native solution with several hundreds of active deployments around the globe, is successfully addressing those unmet client needs with a much more compelling software offering at a lower cost than traditional players.
Openbravo CEO, Manel Sarasa, said: '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 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.'
Commenting on the investment, GIMV's Steven Coppens said: '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.'
Amadeus's Andrey Kessel added: '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 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.'
The investment round will facilitate the growth of Openbravo in several meaningful 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.


Publisher Contact Information:

Openbravo
+34 93 27 25 947
vanessa.obree@openbravo,com

Company profile of Openbravo
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