Currently based in Portland, Oregon, Compiere was previously funded by its founders, but has taken the investment from New Enterprise Associates to invest in growing the partner network for its open source ERP and CRM software.
Having hit profitability early in the company’s history, we were in a position to fund our growth through internally generated funds. However, the market’s demand for our product has outgrown our capability to scale the business accordingly, said Jorg Janke, Compiere’s founder and CEO.
Janke has recently returned to the role of CEO after a short stint as chief technology officer. He had stepped aside in February 2006 to make way for LaVonne Reimer, who joined Compiere as CEO from the Open Technology Business Center, but only lasted a few months in the job before leaving to pursue other interests.
Compiere made up for the loss of Reimer by adding Andre Boisvert as chairman and chief business development officer in May. Boisvert is the former president and COO of SAS Institute Inc and more recently co-founded open source BI vendor Pentaho Corp.
The investment from NEA also boosts Compiere’s board, with sees two NEA partners – Vladimir Jacimovic and Harry Weller – joining as directors, while Compiere is planning to relocate to Silicon Valley.
NEA is also a serial investor in open source, having already pumped funding into SugarCRM, Xensource, Pentaho, and Sourcefire.
