Key points:

  • OneStream, a financial software provider, announced on Tuesday that it has agreed to be acquired by software and data investment firm Hg for $6.4 billion.
  • The deal is expected to close in the first half of 2025, after which OneStream will become a private company. This comes less than two years after the company was taken public by investment firm KKR.
  • "Through this partnership, we can significantly advance our AI-first go-to-market strategy and rapidly expand our Finance AI capabilities," OneStream CEO Tom Shea said in a press release.

In-depth analysis:

OneStream, headquartered in Birmingham, Michigan, is one of many competitors in the global "CFO office software market." According to global investment bank Carlsquare, this market is expected to grow from $71 billion in 2023 to $131 billion by 2028.

In addition to OneStream, other major players in this market include Oracle, Workday, and SAP.

Sean Jacobsohn, a partner at venture capital firm Norwest Venture Partners, told CFO Dive last year that this is an increasingly crowded market, with a large influx of new startups in recent years. "We are seeing a surge in AI-driven tools that automate tasks and enhance decision-making with precision and speed, covering various finance functions from tax and treasury to procurement," he said.

OneStream said it focuses on providing a single, comprehensive platform that unifies the core functions under the CFO, including financial close, consolidation, reporting, planning, and forecasting.

"Today is a pivotal moment for OneStream and a milestone in our vision to become the modern finance operating system," Shea said in Tuesday's press release. "The CFO office is at a critical inflection point with AI, and we believe OneStream is well-prepared for this transformation."

According to the press release, the company has more than 1,700 customers, including 18% of the Fortune 500, and 1,600 employees. After the deal closes, Shea will continue as CEO, and the existing leadership team will remain in place.

Shea said early last year that despite challenges in the macroeconomic environment, such as uncertainty over U.S. President Donald Trump's tariff policies, demand for financial software tools remained high.

Based on results released in November 2025, the company's total revenue for the third quarter of 2025 was $154.3 million, up 19% year-over-year. The third-quarter net loss narrowed to $11.49 million, compared with a net loss of $249.3 million in the same period last year.

The company plans to announce its fourth-quarter and full-year 2025 results in February 2025, but given the pending acquisition, it does not expect to hold a corresponding conference call.

OneStream said the deal is subject to necessary regulatory approvals and other customary closing conditions. The company's board has unanimously approved the deal, and KKR, which holds a majority voting interest in OneStream, has also agreed. The deal does not require further approval from OneStream shareholders.