Key Takeaways

  • Financial software provider OneStream announced the completion of its $6.4 billion acquisition agreement with London-based private equity firm Hg, becoming a private company again. Hg focuses on investing in software and data companies, and the news comes from a recent company announcement.
  • With the deal completed, OneStream's Class A common stock has ceased trading on Nasdaq, and the company said its leadership team has been retained.
  • "With Hg's partnership, we are well-positioned to accelerate innovation, expand our global scale, and create greater value for financial leaders worldwide," said founder and CEO Tom Shea in a press release.

Deep Insights

This delisting comes less than two years after OneStream went public. The Birmingham, Michigan-based company, which provides an AI-driven platform aimed at modernizing the CFO office, was previously taken public by investment firm KKR.

The deal with Hg closed about three months after it was announced. "We are excited to be part of OneStream's next phase of growth through this acquisition," said Alan Cline, Hg partner and head of North America, in the same press release.

Despite challenging macroeconomic conditions, such as uncertainty over U.S. President Donald Trump's tariff policies, demand for financial software tools remains high. Shea said early last year that the company continued to see strong demand.

OneStream reported fourth-quarter results for fiscal 2025 ended December 31 in February, with revenue of $163.7 million, up 24% year-over-year, marking its final earnings report before going private. The quarter's net operating loss was $5.2 million, compared with a loss of $47.4 million in the same period last year.

The company is one of many vendors in the increasingly crowded "CFO office software market." According to global investment bank Carlsquare, the market is expected to grow from $71 billion in 2023 to $131 billion by 2028.

In December last year, financial close and accounting automation company Blackline announced the acquisition of New York-based fintech startup WiseLayer for an undisclosed amount.

Meanwhile, financial and HR software giant Workday announced in November last year that it agreed to acquire AI agent integration platform Pipedream, also for an undisclosed amount.

According to analysis by global tech investment bank Drake Star Partners, the CFO software market recorded more than 120 M&A and financing deals globally in the second half of 2025.

The report noted: "The CFO Office (OCFO) software ecosystem continues to expand rapidly, supported by structural tailwinds, regulatory catalysts, and sustained investor interest."