The enterprise financial software platform witnessed a sixfold rise in valuation since 2019. Here are the top-line bullets you need to know.
OneStream Software, which provides corporate performance management (CPM) solutions, has raised a $200M Series B. The round was led by D1 Capital Partners with participation from Tiger Global Management and Investment Group of Santa Barbara.
How’s the company performing?
- Michigan-based OneStream offers enterprises a cloud-based finance platform that combines CPM services such as financial planning, reporting, and analytics.
- In 2020, OneStream reportedly achieved 85% growth in annual recurring revenue (ARR), with a 40% increase in customers. In the first quarter of 2021, the company’s bookings tripled and its ARR doubled compared to last year.
- OneStream’s clients include Fruit of the Loom, McCain, AAA, Takeaway.com, and the Carlyle Group, among others.
Why does the market matter?
- The corporate performance management market is expected to grow at a 10.4% CAGR from 2020 to 2027 to reach $12.9B (by 2027), according to Global Industry Analysts.
- Factors driving the market include enterprise demand for greater transparency around their business strategy and core operations as well as the need to improve business efficiency in an increasingly digital environment.
- Amid the Covid-19 pandemic, companies are installing CPM software to better understand the outbreak’s impact on their operations as well as to support remote working situations.
- Industries such as manufacturing, financial services, and retail are investing substantially in cloud-based computing and market analytics, leading to a growing demand for CPM solutions.