🚨 Odoo Unlocked #012 — Let's Talk About Numbers

We recently attended OXP25 in Brussels, where we gathered the latest performance metrics and industry insights. This report presents key data points, community reactions, and our strategic analysis of Odoo's current position.

📈 6500 employees | 11,291 partners

Odoo now employs 6,500 people and works with 11,291 partners worldwide. Notably, just days before OXP, there were 9,900 partners (as reported by Sarah Wagon), including 252 Gold, 633 Silver, and 2,689 Ready partners.

Since new partners begin as Learning Partners before progressing through the certification tiers, the recent addition of approximately 1,400 partners suggests there are now around 7,717 Learning Partners in the early stages of business development, representing over two-thirds of the total partner network.

In the Linkedin post where I shared the pre-OXP breakdown, I was asking the following question:

The rapid evolution of the partner network is both a case for celebration and a cause for potential concern.
Does the premium market pie expand fast enough to support the emergence of new partners?
How can learning partners graduate to join the tip of the iceberg?
Is consolidation inevitable in an increasingly commoditized market where most partners still compete on small scale projects?
How can partners differentiate with very similar playbooks?

I would be curious to read your thoughts, feel free to either comment the Linkedin post or reply to this email.

The relationship between Odoo SA and its partner network remains a contentious topic, as evidenced by the varied reactions to my recent LinkedIn post featuring Fabien Pinckaers's response to an Indian partner during an AMA session.

Here’s one of 50+ comments I received on this post.

One of the most interesting KPIs shared during FP’s second keynote was Odoo’s ACV as of September 2025 (the average annual revenue collected per customer): EUR 2500.

To provide context, I benchmarked this ACV against SAP's figures using FY2025 projections, a comparison that subsequently gained significant traction on LinkedIn.

Alessandro Mazzocchetti, Odoo's CFO, entered the discussion with two key objections: first, that comparing Odoo and SAP was fundamentally flawed, and second, that unit economics comparisons between companies with different strategic approaches were meaningless. His concluding remarks were:

You can read the full exchange on Linkedin.

Here’s our position: while Odoo's core demographics differ significantly from SAP's ICP, this doesn't preclude comparing unit economics between businesses, whether in the same industry (ERP/business software) or different sectors entirely. Some businesses are simply more profitable than others.

Currently, Odoo operates on razor-thin margins (314k euro of net profits out of EUR426M of revenue for FY2024), with most of its (decreasing) cash reserves consisting of deferred revenues (payments collected for future services).

As Sébastien Bruyr confirmed, over 3,000 of Odoo's 6,500 employees are in sales roles, reflecting its sales-led approach.

Fabien Pinckaers has repeatedly stated that the company could significantly improve profitability by reducing sales and marketing expenditure. Looking ahead, both the rapidly expanding partner network and Odoo itself should consider moving upmarket to extract greater value from new contracts, given the current low ACV of their user base.

The direct consequence of this low ACV is Odoo's modest revenue per employee of EUR 79,231 based on our FY2025 forecast. This figure is significantly below SaaS industry standards - for comparison, HubSpot generates approximately EUR 294,659 per employee.

One commenter on the Odoo/SAP KPIs comparison argued:

"In fast growing businesses, employees are there for future revenue, not for the revenue today."

While this perspective has some merit, the data suggests a broader pattern. Odoo's competitors across various vertical markets consistently demonstrate superior metrics—HubSpot, for instance, achieves revenue per employee figures over three times higher.

This trend extends beyond “traditional” business software: 11Labs reached $200M ARR with just 330 employees, while Replit achieved €100M ARR with only 100 people, indicating that efficient scaling is achievable even in high-growth scenarios.

Therefore, even though Odoo's strategy is not 'KPI-driven' (as Alessandro Mazzocchetti pointed out), the company should still prioritize improving its unit economics.

This would serve two critical purposes: ensuring long-term sustainability and elevating their customer base profile, which would enable partners to develop profitable service offerings for a more affluent ICP.

Odoo generates approximately 600,000 leads monthly, converting 11,000 into new customers, a 1.8% conversion rate.

This conversion process is supported by an internal sales team of 3,000+ people alongside a network of 11,000 partners, with the total customer base of 170,000 (as of OXP25) comprising both direct and partner-facilitated deals.

Given that over 98% of leads don't convert, analyzing the primary objections and drop-off points in this pipeline could provide valuable insights for improving conversion rates.

How do you interpret those KPIs?

How do you position yourself in the ecosystem?

Send us your comments or engage with us on Discord.

Speak Soon,

— Cath & Fred, Just Doers.