KKR-backed enterprise software startup OneStream eyes $4.38 billion valuation in US IPO

OneStream Software, an enterprise software startup backed by private equity giant KKR, is targeting a valuation of about $4.38 billion in its upcoming U.S. initial public offering (IPO). The news comes a month after the company confidentially filed for the IPO with the US Securities and Exchange Commission (SEC).

According to a filing cited by Reuters, OneStream and its selling shareholders plan to offload 24.5 million shares, with each priced between $17 and $19, potentially raising up to $465.5 million. The company intends to use the IPO proceeds to bolster its capitalization and enhance financial flexibility. The shares will be listed on Nasdaq under the ticker symbol “OS.”

The U.S. IPO market has been showing promising signs since the beginning of this year, with a notable increase in listings as investor confidence builds amidst hopes of a soft economic landing.

This target valuation marks a significant drop from the $6 billion valuation OneStream achieved in 2021 when it secured funding from investors such as D1 Capital Partners and Tiger Global Management, Reuters reported.

Co-founded in 2010 by Robert Powers, OneStream Software assists CFOs in preparing and reporting financial statements to regulators and investors. The company’s platform also supports planning, budgeting, and forecasting. KKR’s acquisition of a majority stake in 2019 valued the firm at over $1 billion.

TechStartups previously covered OneStream in 2020 when the Rochester, Michigan-based startup launched its Predictive Analytics 123 solution. This advanced tool, integrated into the OneStream XF platform, enhances planning and forecasting capabilities, allowing finance leaders to create predictive forecasts and collaborate with business partners on critical decisions. It reduces time spent on data integration and system maintenance, enabling finance teams to focus on driving business performance.

OneStream’s unified platform, available both on-premise and via the cloud, helps organizations modernize their finance functions, replace multiple legacy applications, and lower the total cost of ownership for financial systems. The company boasts over 1,400 global customers, including major names like Toyota Motor, UPS, News Corp, and General Dynamics.