OneStream Software, a leader in corporate performance management solutions for the world’s leading enterprises, lays out, it has secured $200 million in series B funding and a valuation of $6 billion. D1 Capital Partners led all primary funding with participation from Tiger Global and Investment Group of Santa Barbara.
The financing will be used to accelerate OneStream’s global expansion and innovation across its intelligent finance platform and solutions marketplace as the company capitalizes on record market demand.
Despite the disruption caused by the global pandemic, OneStream achieved 86% growth in annual recurring revenue (ARR) in 2020, scaling its customer base by 40% to over 650 enterprises worldwide, 70% of which replaced legacy CPM applications such as Oracle Hyperion, SAP, IBM and point solutions such as Anaplan and Blackline. In the just-completed Q1 of 2021, OneStream’s sales growth accelerated with over 200% growth in bookings and 100% growth in ARR, year over year.
“Following on the strategic investment we received from KKR in 2019, we are excited to bring on marquee investors such as D1 Capital Partners, Tiger Global, and IGSB to help accelerate our growth,” said Tom Shea, CEO of OneStream Software. “We remain sharply focused on delivering innovative planning, reporting, and analysis solutions designed to help our customers succeed in today’s fast-paced and increasingly complex business environment. The valuation is great recognition of the value our employees and stakeholders have helped to create, as well as the exciting opportunities ahead for OneStream.”
D1 Capital Partners has emerged as a leading investor in disruptive growth companies including Procore, Snowflake, Stripe, Unity Software and SpaceX. Together with Tiger Global and IGSB, the group represents long-term investors in many of the world’s fastest growing and most exciting companies. The capital will enable OneStream to further serve the large addressable market for its intelligent finance platform across financial and operational needs.
“OneStream’s platform delivers exceptional customer value,” said Andrew Wynne, Principal, D1 Capital Partners. “Management’s intense focus on customer success has enabled OneStream to capture significant market share from incumbents while posting strong growth in both revenue and customer acquisition. We believe OneStream has both the vision and product required to be a dominant force in its industry.”
“Tom and the OneStream team have built world-class solutions and proven they are able to operate at scale as a trusted partner to global enterprises,” said Dave Welsh, KKR’s Head of TMT Growth Equity and Chairman of the Board at OneStream. “We are pleased to be joined by a group of top technology investors who share our conviction in the business.”
“The global pandemic that we all experienced over the past year was a wake-up call for digital transformation and has driven increased demand for agile platforms that can help organizations improve their ability to respond to economic volatility and disruption,” said Howard Dresner, Chief Research Officer at Dresner Advisory Services. “Organizations must transform finance and their performance management processes by unifying and streamlining planning, reporting and analysis processes, empowering the enterprise with daily and weekly financial signals that impact decision making and drive positive business outcomes.”