OneStream Goes Private in $6.4B Buyout to Accelerate AI Strategy

BIRMINGHAM, Mich. – January 06, 2026 – In a significant move highlighting private equity's growing appetite for artificial intelligence-driven enterprise software, finance platform OneStream has entered into a definitive agreement to be acquired by software investment firm Hg for approximately $6.4 billion. The all-cash deal marks a rapid return to private ownership for OneStream, which went public less than two years ago in a much-lauded 2024 IPO.

The transaction will see Hg become the majority shareholder, with significant minority investments from General Atlantic and Tidemark. OneStream shareholders are set to receive $24.00 per share in cash, a substantial 31% premium over the company's closing share price on January 5, 2026. The deal, unanimously approved by OneStream's board, signals a strategic pivot intended to aggressively advance the company's AI capabilities and solidify its position in the competitive market for financial software.

Upon completion, expected in the first half of 2026, OneStream will become a privately held company, and its stock will be delisted from the Nasdaq exchange. The company's leadership, including CEO Tom Shea, will remain in place, and its headquarters will continue to be based in Birmingham, Michigan.

A Strategic Pivot to Private Ownership

OneStream's journey from a celebrated public debut to a private acquisition has been swift. The company's July 2024 IPO was priced at $20.00 per share and saw its stock surge 34% on its first day of trading. Since then, OneStream has demonstrated robust top-line growth, with total revenue for fiscal year 2024 climbing 31% to $489.4 million, driven by a 41% increase in subscription revenue.

However, this growth came at a cost. The company reported a significant GAAP net loss of over $201 million for the same period, reflecting the heavy investment required to scale and innovate in the enterprise software sector. While revenue continued to grow in 2025, profitability remained elusive, a common challenge for publicly traded tech firms under the scrutiny of quarterly earnings reports.

By going private, OneStream is freed from these short-term market pressures, allowing leadership to focus on a long-term vision. The move provides the capital and operational runway needed for sustained, aggressive investment in its platform, particularly in the resource-intensive field of artificial intelligence. The deal also represents a successful exit for KKR, the investment firm that held a majority stake and guided OneStream through its IPO.

"Today marks a pivotal moment for OneStream and our vision to be the operating system for modern Finance," said Tom Shea, CEO of OneStream. "This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem. We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking Finance customers."

Doubling Down on AI for the Modern CFO

The strategic core of the acquisition is a shared belief in the transformative power of AI for the Office of the CFO. As businesses navigate increasingly complex economic environments, finance leaders are shifting from historical reporting to forward-looking, predictive analysis. OneStream's platform aims to unify financial close, consolidation, planning, and forecasting, and the infusion of capital and expertise from Hg is set to supercharge this mission.

Hg is a seasoned investor in the space, with over $4.5 billion already deployed in companies serving the Office of the CFO. Alan Cline, Partner and Head of North America at Hg, noted the immense opportunity driven by technology and industry trends. "OneStream's powerful AI differentiation, strong global customer base and clear vision for the future of modern Finance make it a leading enterprise provider in this space and exceptionally well positioned for the future," Cline stated.

To that end, Hg is bringing more than just capital. The firm plans to leverage its dedicated resources, including an AI team of over 100 specialists and its AI incubator, Hg Catalyst, to accelerate product innovation. "We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg's deep expertise in scaling software businesses," added Joe Jefferies, Partner at Hg.

This focus on an "AI-first go-to-market strategy," as Shea described it, is critical. It reflects a broader industry trend where the value of financial platforms is increasingly measured by their ability to provide intelligent insights, automate complex processes, and enable dynamic scenario planning.

Navigating a Competitive Tech Landscape

The EPM software market, valued at over $7 billion in 2024, is both lucrative and fiercely competitive. OneStream competes with industry giants like Oracle, SAP, Workday, and Anaplan. In this environment, differentiation is key. OneStream's primary advantage has been its unified platform, which eliminates the need to integrate disparate modules—a common pain point with suite-based solutions from competitors.

Industry analysts have consistently recognized this strength. OneStream has been named a "Leader" in Gartner's Magic Quadrant for Financial Close and Consolidation Solutions for three consecutive years and praised for its ability to handle large data volumes and embed AI capabilities. The acquisition by Hg is a strategic maneuver to build on this leadership position and outpace competitors in the race to define the next generation of financial tools.

The investment will likely fuel expansion of its "SensibleAI" technology, enhancing capabilities in predictive forecasting, anomaly detection, and automated modeling. As over 60% of large enterprises are expected to increase their investment in cloud-based EPM, this focused innovation could prove decisive in capturing greater market share.

Shareholder Returns and Market Reaction

For investors, the deal offers a clear and immediate return. The $24.00 per share cash price represents a significant premium, rewarding those who supported the company through its public phase. Following the announcement, several financial analyst firms, including Wolfe Research and Morgan Stanley, downgraded their ratings on OneStream stock to reflect the fixed acquisition price, signaling that the market sees the deal as highly likely to close.

The transaction has already received approval from KKR, which holds a majority of OneStream's voting power, meaning no further stockholder approval is required. The primary remaining hurdle is the standard regulatory review process, which is anticipated to conclude in the first half of 2026. The continuity of the existing leadership team and the commitment to maintaining the company's Michigan headquarters are intended to ensure a smooth transition for OneStream's 1,600 employees and its global base of over 1,700 customers, which includes 18% of the Fortune 500.