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Is it possible to install two versions of Odoo on the same VPS server? How to do it?

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Yes. It can be done. You need to create a virtualenv for v8 and v9 separately to install the requirements and dependencies for those in their own python instalation and use it to run odoo server. Note that odoo v9 is not stable release yet

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To add a note on that: it will be officially released on 1 october 2015.

Thanks @Yenthe, Happy to know