Pandemic Highlights Critical Need for Intelligent Finance Solutions in Global Enterprises
January 13, 2021 09:00 AM Eastern Standard Time
ROCHESTER, Mich.--(BUSINESS WIRE)--OneStream Software, a leader in corporate performance management (CPM) solutions for mid-sized to very large enterprises, today announced that Q4 bookings increased 67 percent versus last year as companies continue to move to OneStream’s unified, cloud-based CPM platform, replacing spreadsheets and multiple legacy applications. For the year, the company exceeded its 2020 projections and achieved 85 percent growth in Annual Recurring Revenue (ARR). OneStream also increased its workforce by 65 percent and its partner ecosystem by more than 30 percent to support the company’s continued global expansion.
As the pandemic has forced many enterprises to quickly accelerate their digital transformation plans, agile finance teams and processes have become critical to business survival. OneStream’s platform is the only one on the market that allows its customers to rationalize their business data – their book of record financials, periodic forecasts and operational data – into daily and weekly financial performance signals that direct decision making and drive positive business outcomes. As a result, OneStream saw a 40 percent growth in its customer base in 2020, reaching over 650 enterprises worldwide. OneStream’s new customers in 2020 included The Timken Company, Ingram Micro, Costco, U.S. Steel, Hillenbrand, Chemours and The Downer Group.
“The pandemic’s fast and unprecedented impact on financial planning and performance earlier this year served as a wake-up call for many organizations who have been reliant on spreadsheets or legacy applications for planning, reporting and analysis of their business. Many had to hit the brakes on critical initiatives that ultimately hurt their company performance longer term,” said Tom Shea, CEO of OneStream Software. “Our clients were able to continue moving forward, and so were we, because our software offers a coherent view of financial performance in those critical moments. When you consider a company’s capital position, even a 30-day delay in financial reporting and decision making can equate to millions, sometimes billions of dollars lost. This pandemic experience put a fine point on the need for digital transformation of finance, perhaps more than in any other function.”
After hiring more than 270 employees throughout 2020, OneStream closed the year with 690 employees across 15 countries and more than 200 partners worldwide, including 52 new partners in 2020. Among those 52 additions are innovative companies driving digital transformations like PwC Italy & UK, Strategic IQ, Simplebeez, CGI and Incube CPM. OneStream will continue to expand its workforce and partner ecosystem in 2021 and recently announced it would open an Asia-Pacific (APAC) headquarters in Sydney, Australia this January. The new office will enable the region’s pre-sales, sales, marketing, and service teams to provide local support to OneStream’s growing customer base in the region.
In addition to expanding its global presence and network, OneStream continued to pursue its mission of 100 percent customer success with innovative and intelligent technology, as it added two new solutions to its Marketplace. To kick off 2020, OneStream launched Predictive Analytics 123, empowering finance teams to incorporate predictive capabilities into financial plans and operational forecasts for faster, more informed decision-making. In April, OneStream also announced Transaction Matching, which enables finance leaders to collect and match large volumes of transactions from multiple sources to quickly and accurately finalize period-end balances and accelerate the close process. OneStream will continue to add innovative solutions to its marketplace in 2021 to meet constantly evolving customer needs during this unprecedented time.
As a result of OneStream’s industry-leading solutions and customer satisfaction, the company received recognition from industry analysts and customers throughout the year, including being named a Leader in the 2020 Gartner Magic Quadrant for Cloud FP&A Solutions. Additional accolades include:
- Winner for support of the Office of Finance in Ventana Research’s 13th Annual Digital Innovation Awards
- Recognized as a Leader and Earned a Perfect Recommend Score in Dresner Advisory Services’ EPM Market Study for Third Consecutive Year
- Top ranks in thirty-eight of sixty categories in the BARC Planning Survey
- The highest rating among all vendors and recognition as a Gartner Peer Insights Customers' Choice for Cloud Financial Close Solutions
- Named a market leader in the 2020 Nucleus Research Value Matrix for CPM software for the 3rd consecutive year
- Named a Leader in the 2020 IDC MarketScape for Cloud Enterprise Performance Management Software
- Named to Inc. Magazine’s List of Best Workplaces for 2020 and to the 2020 List of 100 Best Places to Work in IT by Insider Pro and Computerworld
Sources: Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions, Robert Anderson, John Van Decker and Greg Leiter, 06 October 2020.
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About OneStream Software
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in a cloud platform designed to continually evolve and scale with your organization.
OneStream is an independent software company backed by private equity investor KKR. With over 600 customers, 200 partners and over 600 employees our primary mission is to deliver 100% customer success.