In a deal that underscores both the volatile nature of public markets and the enduring appeal of enterprise software, London-based private equity firm Hg has agreed to acquire OneStream Inc. for approximately $6.4 billion in an all-cash transaction. The move will take the enterprise finance management platform private less than two years after its Nasdaq debut.

The Deal at a Glance

Under the terms announced this week, OneStream shareholders will receive $24.00 per share in cash—a 31% premium to the company's closing price on January 5, 2026, and a 27% premium to its 30-day volume-weighted average price. The transaction, unanimously approved by OneStream's board, is expected to close in the first half of 2026.

The acquisition will be structured with Hg as the majority voting shareholder, while General Atlantic and Tidemark will participate as significant minority investors. Notably, investment funds managed by KKR—which took OneStream public in July 2024—will exit their position entirely.

Key Transaction Terms

  • Purchase Price: $24.00 per share (all cash)
  • Premium: 31% to last closing price
  • Enterprise Value: Approximately $6.4 billion
  • Expected Closing: First half of 2026
  • Headquarters: Remains in Birmingham, Michigan

From IPO to Exit in Record Time

OneStream's journey from public company back to private ownership has been remarkably brief. The company priced its IPO at $20 per share in July 2024, valuing it at around $4.6 billion. At the time, the offering represented a significant milestone for enterprise finance software and demonstrated investor appetite for corporate performance management platforms.

Yet the $24 acquisition price—while representing a premium to recent trading levels—sits only modestly above the IPO price, suggesting that public market investors saw limited upside in the company's trajectory. This dynamic helps explain why Hg sees opportunity that public shareholders may have discounted.

Why Hg Is Making This Bet

Hg is no stranger to enterprise software investments. The London-based firm has built its reputation on backing B2B technology companies, with a particular focus on "tax, legal and regulatory" software businesses. OneStream represents a natural extension of this thesis into the corporate finance function.

"We really feel strongly that, in the next 24 to 36 months, the AI world, especially within finance, is going to be defined, and there are going to be emerging winners and losers in that space."

— Tom Shea, OneStream CEO

CEO Tom Shea's comments illuminate Hg's strategic rationale. The firm is betting that artificial intelligence will fundamentally transform how corporations manage financial planning, consolidation, and reporting—and that OneStream is positioned to lead that transformation. As a private company, OneStream can invest aggressively in AI capabilities without the quarterly earnings pressure that constrains public company decision-making.

The Enterprise Finance Software Landscape

OneStream operates in the corporate performance management (CPM) market, providing a unified platform that handles financial consolidation, planning, reporting, and analytics. The company has differentiated itself by offering an "all-in-one" solution that replaces multiple legacy systems, reducing complexity and cost for enterprise finance teams.

Key competitors in this space include:

  • Oracle: Traditional enterprise software giant with EPM Cloud
  • SAP: Integrated planning through SAP Analytics Cloud
  • Workday: Expanding from HR into financial planning
  • Anaplan: Connected planning platform (now owned by Thoma Bravo)

The competitive landscape has seen significant private equity involvement. Thoma Bravo's acquisition of Anaplan in 2022 for $10.7 billion signaled the sector's attractiveness to financial sponsors. Hg's move to acquire OneStream continues this trend of private capital backing enterprise finance platforms.

What This Means for Enterprise Software Investors

The OneStream transaction offers several lessons for investors watching the enterprise software sector:

Valuation Realities

Despite the 31% premium, OneStream's acquisition price barely exceeds its IPO valuation from 18 months ago. This underscores the challenging environment for mid-sized enterprise software companies in public markets, where investors have become increasingly selective following the 2021-2022 SaaS boom and bust.

Private Equity's Continued Appetite

Large private equity firms continue to see value in enterprise software that public markets may be under-appreciating. For shareholders of other enterprise SaaS companies, take-private scenarios remain a viable path to liquidity—though they may require accepting modest premiums to recent trading ranges.

AI as Strategic Catalyst

The explicit focus on AI transformation suggests that buyers are increasingly evaluating software targets through an artificial intelligence lens. Companies that can credibly claim AI-driven product roadmaps may command higher valuations or attract more buyer interest.

The Path Forward

With the transaction expected to close in the first half of 2026, OneStream will soon begin its next chapter as a private company. CEO Tom Shea will remain at the helm, and the leadership team stays in place—providing continuity for customers who depend on the platform for critical financial processes.

For Hg, the investment represents a significant commitment from its Saturn Fund. The firm will need to execute on the AI thesis that underpins its valuation, developing capabilities that justify the $6.4 billion price tag and eventually support an exit at meaningfully higher multiples.

The broader message for enterprise software observers: despite challenging public market conditions, financial sponsors see substantial long-term value in platforms that serve the corporate finance function. As artificial intelligence reshapes how companies manage financial data, consolidation, and planning, expect continued dealmaking activity in this sector.