OneStream has entered into a definitive agreement to be acquired by Hg in an all-cash transaction valued at approximately $6.4 billion in equity value, a deal that will take the enterprise finance management software provider private less than two years after its 2024 IPO.
Under the agreement, OneStream shareholders will receive $24.00 per share in cash. The offer represents a 31% premium to OneStream’s closing share price on January 5, 2026, and a 27% premium to the company’s 30-day volume-weighted average share price ending on the same day. Hg will become OneStream’s majority voting shareholder, while General Atlantic will invest as a significant minority investor alongside Tidemark.
The acquirer will be an Hg controlled entity that will purchase all outstanding shares, including shares held by investment funds managed by KKR, which took OneStream public in 2024. Hg said it will invest in OneStream from its Saturn Fund.
Based in Birmingham, Michigan, OneStream positions its software as an enterprise finance platform designed to modernize the Office of the CFO by unifying core finance and operational functions such as financial close, consolidation, reporting, planning, and forecasting. The company has emphasized expanding embedded AI capabilities to help finance teams improve decision-making and productivity, themes that featured prominently in the rationale for the deal.
OneStream CEO Tom Shea will remain in the role, and the current leadership team is expected to stay in place following the close. The company will also maintain its headquarters in Birmingham, Michigan.
The transaction was unanimously approved by OneStream’s Board of Directors and is expected to close in the first half of 2026, subject to required regulatory approvals and other customary closing conditions. KKR, as the holder of a majority of OneStream’s voting power, has approved the transaction, and the company said no further stockholder approval is required or will be sought. Once the deal closes, OneStream’s Class A common stock will no longer be listed or traded on a public stock exchange.
OneStream also said it plans to release its fourth quarter and full year 2025 earnings results in February 2026, but it does not expect to hold a corresponding conference call given the pending transaction.
Support: J.P. Morgan Securities is serving as financial advisor to OneStream and provided a fairness opinion, and Centerview Partners also provided a fairness opinion. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to OneStream, with FGS Global as strategic communications advisor. Goldman Sachs is serving as the exclusive financial advisor to Hg, and Skadden is serving as the legal advisor to Hg.
KEY QUOTES:
“Today marks a pivotal moment for OneStream and our vision to be the operating system for modern Finance. The Office of the CFO is at a critical AI inflection point, and we believe OneStream is well positioned for this shift. As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. 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, 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.”
Tom Shea, CEO, OneStream
“With over $4.5 billion invested in providers that serve the Office of the CFO to date, 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.
Alan Cline, Partner And Head Of North America, Hg
“We’re excited to support Tom and the OneStream team. 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. This includes support from our AI team of over 100 specialists and supporting partnerships, as well as Hg Catalyst, our dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.”
Joe Jefferies, Partner, Hg
“OneStream is reimagining enterprise Finance with an AI-focused, multi-product platform that provides immense value to the Office of the CFO. We look forward to accelerating OneStream’s growth and innovation alongside Hg and Tidemark.”
Jimmy Miele, Managing Director, General Atlantic
“We are incredibly proud of what the OneStream team has been able to achieve over the course of our strategic partnership and the role that it has been able to establish as a trusted partner to global enterprises. With a category-leading platform and clear vision for the future, we see strong momentum for its next chapter with Hg, Tidemark and General Atlantic.”
Dave Welsh, Partner And Head Of TMT Growth Equity, KKR
