London-based private equity firm Hg is buying enterprise finance management platform OneStream in an all-cash transaction valued at $6.4 billion, it was announced on Jan. 6.
Hg will be OneStream’s majority voting shareholder. New York-based private equity firm General Atlantic will also be a significant minority investor alongside Tidemark, a leading technology investment firm.
Both Hg and General Atlantic have made previous investments in businesses within the accounting space. Last May, Hg agreed to buy risk management software provider AuditBoard in a deal valued at more than $3 billion. A month earlier, top 50 accounting firm Frazier & Deeter announced it was receiving a strategic growth investment from General Atlantic. The amount of the private equity investment wasn’t disclosed.
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Under the terms of the agreement, OneStream shareholders will receive $24 per share in cash. The per-share purchase price represents a 31% premium to OneStream’s closing share price on Jan. 5, 2026, and a 27% premium to its volume-weighted average share price over the 30-trading day period ending the same date, according to a media release.
The stock jumped more than 28% in afternoon trading on Tuesday.
An entity controlled by Hg will acquire all outstanding shares, including those shares owned by investment funds managed by KKR, a global investment firm that took OneStream public in 2024.
The transaction is expected to close in the first half of 2026. Upon completion, OneStream will become a privately held company. Hg will invest in OneStream from its Saturn Fund, the release states.
Tom Shea will continue to serve as CEO of Birmingham, MI-based OneStream, and the current leadership team will remain in place, according to Hg.
In a statement on Tuesday, Shea said, “Today marks a pivotal moment for OneStream and our vision to be the operating system for modern finance. The office of the CFO is at a critical AI inflection point, and we believe OneStream is well-positioned for this shift. As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic, and Tidemark. Through this partnership, we are able to significantly advance our AI-first go-to-market strategy and expand our finance AI capabilities at a rapid pace. This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees, and our partner ecosystem. We look forward to having the ability to move faster, think bigger, and deliver more for our forward-thinking finance customers.”
Launched in 2012, OneStream has more than 1,700 customers, including 18% of the Fortune 500, in over 45 countries around the world. The company employs more than 1,700 people worldwide.
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Alan Cline, partner and head of North America at Hg, said in a statement, “With over $4.5 billion invested in providers that serve the office of the CFO to date, we understand the tremendous opportunity for OneStream, as technology and industry trends continue to place increasing demands on finance teams. To meet this need, OneStream’s powerful AI differentiation, strong global customer base, and clear vision for the future of modern finance make it a leading enterprise provider in this space and exceptionally well-positioned for the future.”
Hg partner Joe Jefferies added, “We’re excited to support Tom and the OneStream team. We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships, as well as Hg Catalyst, our dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.”
J.P. Morgan Securities is acting as financial advisor and provided a fairness opinion to OneStream, and Centerview Partners provided a fairness opinion. Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as legal advisor, and FGS Global is serving as strategic communications advisor to OneStream.
Goldman Sachs & Co. is serving as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor to Hg. Jones Day is serving as legal advisor to KKR. Paul, Weiss, Rifkind, Wharton & Garrison is serving as financing counsel to Hg.
Deloitte & Touche LLP is providing financial & tax diligence, Bain & Co. is providing commercial and technological diligence, and Cruxy & Co. is providing product strategy diligence to Hg.
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