OneStream, which provides enterprise software for financial and operational management, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
OneStream offers a platform that unifies core financial and broader operational data and processes within a single space, with solutions that maintain the integrity of corporate reporting standards for finance while providing operationally significant insights for business users. Its client base includes global enterprises, mid-market organizations, and government entities, and as of March 31, 2024, it had over 1,400 customers across a variety of industries, including industrials, healthcare, and consumer.
The Birmingham, MI-based company was founded in 2012 and booked $406 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol OS. OneStream filed confidentially on February 7, 2024. Morgan Stanley, J.P. Morgan, KKR, BofA Securities, Citi, Guggenheim Securities, Raymond James, Scotia Capital, Truist Securities, BTIG, Needham & Co., Piper Sandler, TD Cowen, Nomura Securities, and WR Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
