D1 Capital Partners, Tiger Global and IGSB join KKR to accelerate OneStream’s rapid expansion
April 06, 2021 09:00 AM Eastern Daylight Time
ROCHESTER, Mich. –(BUSINESS WIRE)– OneStream Software, a leader in corporate performance management (CPM) solutions for the world’s leading enterprises, announced today that it has secured $200 million in series B funding and a valuation of $6 billion. D1 Capital Partners led the all primary funding round with participation from Tiger Global and Investment Group of Santa Barbara (IGSB). 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.”
About OneStream Software
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in cloud platform designed to continually evolve and scale with your organization.
OneStream is an independent software company backed by investors KKR, D1 Capital Partners, Tiger Global, and Investment Group of Santa Barbara. With over 650 customers, 200 partners and over 700 employees, our primary mission is to deliver 100% customer success.
About D1 Capital Partners
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.