Buyout firm Hg Capital has agreed to acquire US financial software provider OneStream in an all-cash take-private transaction valuing the company at $6.4bn, less than two years after the company completed its listing on Nasdaq.
Under the terms of the deal, OneStream shareholders will receive $24 per share in cash, representing a 31% premium to the company’s closing share price on Monday. The stock surged more than 28% following the announcement.
Private equity firm General Atlantic and investment firm Tidemark will join the transaction as minority investors alongside Hg, according to a statement from OneStream. The deal is expected to complete in the first half of 2026, subject to customary approvals.
Hg’s acquisition follows reports in November that OneStream was exploring strategic options, including a potential sale, amid pressure on valuations across listed growth software companies. OneStream went public in July 2024 under majority ownership by KKR, at an IPO price of $26 per share, valuing the business at close to $6bn. Since then, its shares had fallen around 35% amid a tougher macroeconomic environment for technology stocks.
Founded in 2012 and headquartered in Michigan, OneStream provides enterprise financial management and reporting software to large corporates, with customers including Toyota, UPS, News Corp and General Dynamics. The company also offers AI-driven forecasting tools and competes with providers such as Oracle, SAP and Workday.
OneStream said the take-private transaction would provide additional flexibility to accelerate investment in artificial intelligence and product innovation while scaling its platform globally.
Hg, which focuses on software and technology-enabled services, manages more than $100bn in assets and has a long track record of backing enterprise software businesses across Europe and North America. JP Morgan Securities acted as financial adviser to OneStream on the transaction.
