Hg announced the completion of a $6.4 billion all‑cash acquisition of OneStream, Inc., taking the software company private and ending its listing on the NASDAQ. The deal pays $24.00 per share, giving shareholders a 31% premium over the closing price on January 5, 2026, and Tom Shea will remain CEO with the existing leadership team in place.
Hg’s investment thesis centers on OneStream’s embedded artificial‑intelligence capabilities, mission‑critical infrastructure, and unified data architecture, which together create high switching costs for customers. The transaction values OneStream at roughly 22 times FY2025 revenue of $601.9 million. KKR was a significant prior investor and led the company’s IPO in July 2024.
In FY2025 OneStream generated $601.9 million in revenue, up 23% year‑over‑year, with subscription revenue at $550 million, up 28%. Gross profit margin was 69%, and non‑GAAP operating margin reached 5%, up from 0% in FY2024. The company turned free‑cash‑flow positive in late 2024, generating $59 million for the year.
The acquisition includes a $1.4 billion senior secured term loan, a $250 million revolving facility, and a $600 million delayed‑draw term loan, providing working‑capital flexibility to support scaling and product development.
Hg will provide capital and operational support to accelerate growth in finance‑AI and SaaS platforms. The move allows OneStream to focus on long‑term R&D without public‑market pressures, positioning it to expand globally and deepen AI capabilities.
The announcement triggered a 28.38% jump in OneStream’s share price on the day of the definitive agreement, reflecting the premium’s alignment with the company’s strong revenue growth, high subscription renewal rates, and leadership in AI‑powered finance solutions.
Tom Shea said the deal “marks an exciting next step for OneStream” and that Hg’s partnership will accelerate innovation and global scale. Hg partners Alan Cline and Joe Jefferies highlighted the company’s category leadership and potential for growth.
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