OneStream is a corporate performance management (CPM) company that unifies customers' financial planning processes and reporting through a single platform. Founded in 2010, OneStream provides software that helps corporations turn their ERP data into actionable financial information. This can include reporting information to Wall Street and investors. The Rochester, Michigan-based company’s customers include United Parcel Service, Toyota, and Capital One Financial, while it competes with Oracle, SAP, Anaplan, and Blackline.
OneStream typically integrates data from general ledger or ERP systems for financial data, though it also links to systems spanning HCM, CRM, and data warehouses, among other sources.
The pandemic and the eventual acceleration of digital transformation has led to a demand for agile platforms that can help organizations transform their finances and performance management processes. And OneStream’s growth during the pandemic can’t be underplayed.
In 2020, OneStream achieved 86% growth in annual recurring revenue (ARR), scaling its customer base by 40% to over 650 enterprises worldwide, 70% of which replaced legacy 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.
The company has now announced that it has raised $200 million in a series B funding round, bringing its valuation to $6 billion. D1 Capital Partners led the round, while Tiger Global and Investment Group of Santa Barbara also took part. OneStream has raised more than $700 million, including the $200 million investment.
The company intends to use the funds to accelerate global expansion and innovation across its intelligent finance platform and solutions marketplace.
Though, this may be the final funding round for the company as OneStream CEO Tom Shea hinted at an IPO. “We see the company as a business that could become a public company, but we have never set a date or a time or a goal,” he said.