Dive Brief:
- Finance software provider OneStream is a private company again after completing its $6.4 billion agreement to be acquired by London-based private equity firm Hg, which focuses on buying software and data businesses, according to a recent announcement.
- With the completion of the deal, OneStream's Class A common stock has ceased trading on NASDAQ, the company said, adding that its leadership team has been retained.
- “With Hg's partnership, we are well positioned to accelerate innovation, scale globally, and deliver even greater value to Finance leaders around the world,” Tom Shea, the company’s founder and CEO, said in a press release.
Dive Insight:
The delisting comes less than two years after Birmingham, Michigan-based OneStream, which offers an AI-enabled platform designed to modernize the office of the CFO, was taken public by investment firm KKR.
The deal with Hg closed about three months after it was announced.
“We're excited to be a part of OneStream's next phase of growth through this acquisition,” Alan Cline, partner and head of North America at Hg, said in the same release.
Demand for finance software tools has remained high despite challenges in the broader macroeconomic environment such as uncertainty around President Donald Trump’s shifting tariff policies, Shea said early last year.
OneStream posted $163.7 million for its fiscal 2025 fourth quarter ended Dec. 31, an increase of 24% year over year, the software maker announced in February, marking its final earnings report before going private. It reported a net operating loss of $5.2 million for the quarter compared to $47.4 million for the year-earlier period.
The company is one of many vendors competing in the increasingly crowded “office of the CFO software market,” which is expected to grow from $71 billion in 2023 to $131 billion in 2028, according to global investment bank Carlsquare.
In December, financial close and accounting automation firm Blackline said it acquired New York-based finance tech startup WiseLayer. The financial terms of the deal weren’t disclosed.
Meanwhile, finance and HR software giant Workday said last November that it agreed to buy Pipedream, an integration platform for AI agents, also for an undisclosed amount.
In the second half of 2025, there were over 120 merger-and-acquisition and funding transactions recorded globally in the CFO software market, according to an analysis by global tech investment bank Drake Star Partners.
“The Office of the CFO (OCFO) software ecosystem continues to expand at pace, supported by structural tailwinds, regulatory catalysts and sustained investor appetite,” the report said.
