ROCHESTER—OneStream Software, the developer of corporate performance management software for mid-sized to large organizations, announced 75 percent growth in annual recurring revenue in the first half of 2020, as well as growth in a number of other indicators.
The company also reported 40 percent year-over-year growth in new customer acquisition, to more than 500, and a 67 percent increase in employees over that period. New customers added in the first half of 2020 include The Timken Co., Ontic Engineering & Manufacturing UK, Cronos Group, Buckeye Partners and Jardine Motors.
In addition, more than 50 existing customers added additional user licenses during the first six months of the year. OneStream continues to replace spreadsheets, multiple legacy applications such as Oracle Hyperion, SAP BPC, and IBM Cognos, as well as cloud-based point software, with its unified CPM platform to streamline processes such as financial close and consolidation, reporting, planning, forecasting and account reconciliations.
“Our continued growth is a true testament to the market opportunity and demand we see as the office of finance seeks to modernize their financial systems, embrace new workstyles, increase business insights and improve their ability to navigate quickly through market uncertainty,” said Tom Shea, CEO of OneStream. “Our focus on delivering 100 percent customer success and on customer-driven innovations are enabling finance leaders to rapidly respond to market forces with confidence and create opportunities to move their businesses forward during challenging times.”
OneStream added 13 new partners in the past six months, including the accounting and business advisory firm Grant Thornton LLP, and a number of regional partners in North America, Europe, the Middle East, and Africa, growing the total to 186 partners. OneStream also renewed its partnership and commitment to Microsoft Azure as its cloud platform.
During the first half of 2020, the company released several new products for the OneStream XF MarketPlace such as Predictive Analytics 123, empowering finance teams to incorporate predictive capabilities into financial plans and operational forecasts for faster, more informed decision-making. OneStream also launched its Transaction Matching application. Downloadable from the XF MarketPlace, this software enables finance leaders to collect and match large volumes of transactions from multiple sources to quickly resolve differences to accurately finalize period-end balances and accelerate the close process.
“Over the last few years finance professionals have been embracing or at least evaluating how new technology and innovation can help drive finance transformation, but the pandemic and subsequent rapidly changing business conditions have demonstrated how essential it is for finance teams to be able to quickly pivot, re-forecast frequently and model new scenarios,” said Craig Colby, president of OneStream Software. “OneStream’s cloud platform and built-in financial intelligence has proven to be integral in providing finance leaders with the ability to keep their teams connected and productive while working remotely, while also providing more frequent financial signals from transactional data to support faster more informed decision-making.”
OneStream also received several industry awards, and was named to Inc. Magazine’s List of Best Workplaces for 2020 and the 2020 List of 100 Best Places to Work in IT by Insider Pro and Computerworld.
A schedule of upcoming Events is at https://onestreamsoftware.com/events/list/
OneStream Software unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations, and can be deployed over the cloud or on-premise. It is backed by private equity investor KKR.