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

19-05-2008 07:30

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 www.openbravo.com.

For more information, please contact:
Mr. Frank De Leenheer - Investor Relations & Corporate Communications Manager GIMV
Tel: +32 3 290 22 18 - E-mail: frankdl@gimv.be
Mr. Steven Coppens – Executive Investment Manager GIMV
Tel: +32 3 290 21 55 – E-mail: stevenc@gimv.be

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