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Sofinnova Partners invests in OpenERP

Sofinnova Partners, a European venture capital firm, has invested in OpenERP, a provider of open source software management.

Sofinnova’s investment is joined by Xavier Niel and Olivier Rosenfeld, manager and board member of Iliad, respectively.

In total, EUR3m has been contributed in the form of capital growth.

Founded in 2005 by Fabien Pinckaers, OpenERP has a community of more than 300 members and integrators in 26 countries. Its software offers more than 500 modules and is downloaded by more than 1,000 users each day.

The funds raised will be used to accelerate the company’s development strategy, which includes strengthening the managerial team and increasing distribution of the new Saas OpenERP offering. Additionally to its existing presence in India, the company will open a US office this year.

Olivier Sichel, partner at Sofinnova Partners, says: “We are pleased to take part in the development of OpenERP and think that Fabien Pinckaers has the potential to revolutionise ERP solutions, just as Open Source has transformed the software industry worldwide.”

Pinckaers adds: “With more than 110 leads per day, the demand for integration services on OpenERP has exploded during these last few months. The funds raised will enable us to rebalance supply and demand by investing in our network of partners and to improve the software’s quality even further. The arrival of investors Olivier Sichel representing Sofinnova Partners and Xavier Niel will also herald a new era for the company.”

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