Good morning. Financial software developer OneStream is going private again, a move aimed at cementing its position in the artificial intelligence boom.
Private equity firm Hg announced on Tuesday that it has agreed to acquire OneStream in an all-cash deal for $24 per share, in a deal valued at approximately $6.4 billion. OneStream CEO Tom Shea told me in an exclusive interview that the deal was about speed.
“We feel strongly that over the next 24 to 36 months, the world of artificial intelligence, especially in finance, will be defined and there will be new winners and losers in the space,” Shea said.
In addition to Hg, General Atlantic and Tidemark will join as minority investors. The transaction is expected to close in the first half of 2026, pending regulatory approvals. Michigan-based OneStream has more than 1,700 Global customers including toyotaCapital One, and ups.
Hg takes OneStream private less than two years after going public Nasdaq Debuts in July 2024 with majority ownership KKRThe IPO was priced at $20 per share, valuing the company at approximately $4.6 billion. OneStream faces some headwinds in the public markets due to the macro environment, tight growth valuations, and questions about real AI ROI in finance. Still, the company reported $568 million in annual recurring revenue in 2024 and is expanding its suite of AI-driven tools for enterprise finance, with third-quarter AI bookings up about 60% year over year.
Shea described the acquisition as an opportunity to focus more aggressively on AI-driven innovation with a long-term rather than quarterly focus.
“For 90 percent of our existence, we have been a private company with great partners like KKR and evolved into a very dynamic public company,” said Shea, co-founder of OneStream, which was founded in 2012.
Hg’s long-term vision will help put OneStream “back in the driver’s seat and in control of how quickly we invest in AI,” he said, adding that the company has “fundamental alignment, trust and belief in the vision and opportunity.”
Financial leaders guiding the next phase of growth
OneStream is also reshaping its leadership position to align with its AI ambitions. John Kinzer, long-time OneStream board member and former chief financial officer convergence pointReplaced Bill Koefoed as interim chief financial officer on January 1. The company has begun a search for a permanent financial chief.
Kinzer said Hg recognized something that the public market has largely ignored—that AI value creation depends on structured data and domain expertise, not just large language models.
“Obviously everyone is very excited about AI, but they think everything will be done through LL.M.s, so all the money will go to 10 to 20 companies,” he told me. He believes that customers need platforms that can truly realize the value of artificial intelligence, and OneStream’s financial and operational data foundation makes it well-positioned to fulfill this role.
His top priority is getting the company to continue expanding. “I took HubSpot public and expanded it over the next five years, and I saw some similarities in OneStream,” Kinzer said. In addition to strategic changes, he is focused on ensuring investments “go where they will generate the highest returns – and right now, that’s artificial intelligence.”
Currently, Shea and Kinzer are working together as close strategic partners during the transition period. Shea is looking for a CFO who can help the company scale revenue to $1 billion and beyond and is “strongly aligned” with that growth trajectory.
He emphasized that while the acquisition represents a significant shift for the company, it does not change OneStream’s mission or independence. “There’s nothing wrong with our long-term vision,” Shea said. “Shared value creation will continue to guide everything we do for our investors, employees and customers.”
Have a wonderful weekend.
Cheryl Estrada
sheryl.estrada@fortune.com
Ranking list
Notable moves this week:
Pathak Appointed Chief Financial Officer Maketa Corporation (Nasdaq: MQ), a modern card issuance platform, effective February 9. Kangwankij will serve as chief financial officer, succeeding Mike Milotich, who was appointed CEO of Marqeta in September. Kangwankij will join Marqeta from real estate technology company Roofstock, where he will serve as chief financial officer. Prior to that, she served as Head of Payments Finance and Strategy at Stripe.
Jason Chung Promoted to CFO Anti-Riot Platform Company (NASDAQ: RIOT ), effective March 1. Chung succeeds Colin Yee, who has served as the company’s chief financial officer since 2022. Chung currently serves as Riot’s executive vice president and head of corporate development and strategy. He will lead Riot’s financial organization while continuing to oversee corporate development and investor relations.
Qian Laiping (Penny) Appointed Chief Financial Officer alpine group (Nasdaq: ALPS), a biotechnology research and healthcare platform, effective January 5. Cheing has over 30 years of experience. She served as Chief Financial Officer of a property development company and Chief Executive Officer of Premier Asia Capital Sdn. Bhd. Bhd., and heads the corporate affairs division of property development company Equine Capital Berhad.
Cindy Soriano Promoted to CFO Delphi Diagnosticseffective immediately. Soriano previously served as vice president of investor relations. Prior to joining DELFI, she held senior financial leadership roles in the life sciences sector, including leading Zogenix’s finance organization during its acquisition by UCB and post-transaction integration. Earlier, Soriano held various leadership positions at BioMarin Pharmaceuticals.
Ann Rice Appointed Chief Financial Officer green plains corp. (Nasdaq: GPRE) is a biorefinery company, effective January 6. Reis joins Green Plains from Southwest Iowa Renewable Energy, where he served as chief financial officer, chief accounting officer and assistant secretary of the board of directors. She has more than 20 years of experience, including leadership roles at Lincoln Financial Group and ConAgra Foods. Reis replaces Phil Boggs.
Spencer Hart Appointed Chief Financial Officer Loop Industries (NASDAQ: LOOP) is a clean technology company, effective January 15. Hart will also continue to serve on the board of directors. He has more than 30 years of experience, most recently as Senior Managing Director and Senior Advisor at Guggenheim Securities.
Jeffrey Lee Appointed executive vice president and chief financial officer Proampakis a flexible packaging and materials science company, effective February 9. Lee succeeds Eric Bradford, who has served as ProAmpac’s chief financial officer since 2012. Lee joins ProAmpac from Cornerstone Building Brands, where he served as executive vice president and chief financial officer for more than six years. Prior to joining Cornerstone, Lee served as Senior Vice President and Chief Financial Officer of Wilsonart International.
Jean Frédéric Verey Appointed Chief Financial Officer Spy Glass Pharmaceuticalsa late-stage biopharmaceutical company. Viret has over twenty years of corporate finance experience. His most recent roles include serving as Chief Financial Officer of NGM Biopharmaceuticals, Inc. and Blade Therapeutics, Inc. Prior to Blade, Viret served as Chief Financial Officer of Coherus BioSciences, Inc. (now Coherus Oncology).
Daniel Gabe Appointed executive vice president and chief financial officer Healthcare REIT (NYSE: HR), effective January 12. Since 2024, Gabbay has served as Group Managing Director, Real Estate Investment Banking, RBC Capital Markets. Prior to joining Royal Bank of Canada, he served as Managing Director of Barclays Real Estate Investment Banking Group.
event
“Harnessing the power of next-generation artificial intelligence in private markets” is a new report from McKinsey that explores how private equity and other private market investors can effectively use generative AI, while also warning about its limitations and risks. The report recommends establishing processes to cross-check AI-generated insights against internal notes, expert interviews, and structured data, and using biases as signals that deeper due diligence is needed.
go deeper
here are four wealth Read over the weekend:
“Amazon requires employees to provide proof of productivity, asks for list of accomplishments” Jack Angelo
“The U.S. naval blockade of Venezuela has caused $700 million in damage, with the cost increasing by $9 million every day” Jordan Bloom
“Amazon is cutting checks to millions of customers as part of a $2.5 billion FTC settlement. Here’s who’s eligible and how you can get paid” Sydney Lakeside
“Health care is top of the list for unemployed Gen Z as hiring for blue-collar jobs outpaces office jobs, ADP chief economist saysby Eleanor Pringle
overheard
“Negotiations have always been a part of life. Whether it involves a teenager’s curfew, a team’s priorities, or the boardroom and the future, every negotiation comes down to the same important principles: credibility, balance, endurance and persistence.”
—SolarWinds President and CEO Sudhakar Ramakrishna wrote in an article wealth Opinion draft The headline reads “I’m the CEO of SolarWinds. Here’s why a $4.4 billion move to take private is right for us.”