OneStream Software Raises $490 Million in U.S. IPO Priced Above Range

Jul 23, 2024, 10:12 PM

OneStream Software, a Detroit-based financial software maker backed by private equity firm KKR, has successfully priced its U.S. initial public offering (IPO) above its indicated range, raising approximately $490 million. The company, which builds CFO tools, boasts solid metrics with an annual recurring revenue (ARR) of $480 million, growing at 37% year-over-year. Despite a 30% down round from its 2021 valuation of $6 billion, OneStream remains one of the fastest-growing public software companies. The IPO is notable for its significant private equity ownership and the fact that 99% of people are unfamiliar with the company. OneStream's annual recurring revenue grew 85% in 2020.