Good morning. Financial software developer OneStream is set to go private again in a move aimed at strengthening its position amid the AI boom.
Private equity firm Hg has agreed to acquire OneStream in an all-cash deal valued at about $6.4 billion, paying $24 per share, the company announced on Tuesday. OneStream CEO Tom Shea told me in an exclusive interview that the deal is about gaining speed.“We really feel strongly that, in the next 24 to 36 months, the AI world, especially within finance, is going to be defined, and there are going to be emerging winners and losers in that space,” Shea said.
Alongside Hg, General Atlantic, and Tidemark will join as minority investors. The transaction is expected to close in the first half of 2026, subject to regulatory approvals. Michigan-based OneStream has more than 1,700 customers globally, including Toyota, Capital One, and UPS.
Hg is taking OneStream private less than two years after its Nasdaq debut in July 2024 under majority ownership of KKR, with an IPO that priced at $20 per share and valued the company at around $4.6 billion. OneStream faced some headwinds in the public markets due to macro conditions, growth-valuation tension, and practical AI ROI questions in finance. Nonetheless, the company reported $568 million in annual recurring revenue in 2024 and is broadening its suite of AI-powered tools for corporate finance, with AI bookings up about 60% year over year in the third quarter, according to Shea.
