OneStream Inc. in Birmingham, an enterprise finance management platform, has announced it has entered into a definitive agreement to be acquired by Hg, a leading investor in software, services, and data businesses.
The all-cash transaction values OneStream at approximately $6.4 billion in equity value. Hg will be OneStream’s majority voting shareholder. General Atlantic, a leading global investor, also will be a significant minority investor alongside Tidemark, a leading technology investment firm.
OneStream offers services that modernizes the Office of the CFO by unifying core finance and operational functions, including financial close, consolidation, reporting, planning, and forecasting.
Under the terms of the agreement, OneStream shareholders will receive $24.00 per share in cash. The per-share purchase price represents a 31 percent premium to OneStream’s closing share price on Jan. 5, 2026, and a 27 percent premium to its volume-weighted average share price over the 30-trading day period ending the same date.
An entity controlled by Hg will acquire all outstanding shares, including those shares owned by investment funds managed by KKR, a leading global investment firm which took OneStream public in 2024.
The transaction is expected to close in the first half of 2026. Upon completion of the transaction, OneStream will become a privately held company. Hg will invest in OneStream from its Saturn Fund.
“Today marks a pivotal moment for OneStream and our vision to be the operating system for modern Finance,” says Tom Shea, CEO of OneStream. “The Office of the CFO is at a critical AI inflection point, and we believe OneStream is well positioned for this shift.
“Through this partnership, we are able to significantly advance our AI-first go-to-market strategy and expand our Finance AI capabilities at a rapid pace. This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy …”
With more than $4.5 billion invested in providers that serve the Office of the CFO to date, Alan Cline, a partner and head of North America at Hg, states, “We understand the tremendous opportunity for OneStream, as technology and industry trends continue to place increasing demands on finance teams.”
“To meet this need, 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.”
Hg reports it has “deep expertise in scaling software businesses,” which includes support from its AI team of more than 100 specialists and supporting partnerships, as well as Hg Catalyst, a dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.
“OneStream is reimagining enterprise Finance with an AI-focused, multi-product platform that provides immense value to the Office of the CFO,” says Jimmy Miele, managing director at General Atlantic. “We look forward to accelerating OneStream’s growth and innovation alongside Hg and Tidemark.”
The transaction, which has been unanimously approved by OneStream’s board, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.
KKR, in its capacity as the holder of a majority of OneStream’s voting power, has approved the transaction. No further approval of OneStream’s stockholders is required or will be sought, the company states.
Upon completion of the transaction, OneStream’s Class A common stock will no longer be listed or traded on any public stock exchange.
Shea will continue to serve as CEO, and the current leadership team and the Birmingham office will remain in place.
The company plans to release its fourth quarter and fiscal year 2025 results in February 2026. In light of the pending transaction, the company does not expect to hold a corresponding conference call.
J.P. Morgan Securities is acting as financial advisor and provided a fairness opinion to OneStream, and Centerview Partners provided a fairness opinion. Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as legal advisor, and FGS Global is serving as strategic communications advisor to OneStream.
Goldman Sachs & Co. is serving as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor to Hg. Jones Day is serving as legal advisor to KKR. Paul, Weiss, Rifkind, Wharton & Garrison is serving as financing counsel to Hg.
Deloitte & Touche LLP is providing financial & tax diligence, Bain & Co. is providing commercial and technological diligence, and Cruxy & Co. is providing product strategy diligence to Hg.
It’s the leading enterprise Finance platform that unifies financial and operational data, embeds AI for better decisions and productivity and empowers the CFO to become a critical driver of business strategy and execution.
OneStream reports it has more than 1,700 customers, including 18 percent of the Fortune 500, an ecosystem of go-to-market, implementation, and development partners, and 1,600 employees,
For more information, visit onestream.com.
Hg is a leading investor in European and transatlantic software and services businesses. Hg helps to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.
General Atlantic is a global investor with more than four and a half decades of experience providing capital and strategic support for more than 830 companies throughout its history. Established in 1980, the firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform.
Tidemark is a growth equity firm with a community of investors, entrepreneurs, and operators.
To read a DBusiness magazine cover story about OneStream, visit here.
