ROCHESTER—Officials at OneStream Software LLC, developers of corporate performance management (CPM) software, announced the company had secured $200 million in series B funding and a valuation of $6 billion.
New York City-based D1 Capital Partners led the all primary funding round with participation from New York-based Tiger Global Management and California’s Investment Group of Santa Barbara (IGSB). The financing will be used to accelerate OneStream’s global expansion and innovation across its finance platform as the company capitalizes on record market demand.
Despite the disruption caused by the global pandemic, OneStream achieved 86 percent growth in annual recurring revenue (ARR) in 2020, scaling its customer base by 40 percent to over 650 enterprises worldwide, 70 percent of which replaced legacy CPM applications such as Oracle Hyperion, SAP, IBM and point solutions such as Anaplan and Blackline. In the just completed first quarter of 2021, OneStream’s sales growth accelerated with over 200 percent growth in bookings and 100 percent 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 at 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.”
More at www.onestreamsoftware.com.