Profitable unicorn achieves more than 50% YoY revenue growth and global expansion while maintaining its excellent customer success and retention record
January 28, 2020 07:11 AM Eastern Standard Time
ROCHESTER, Mich.--(BUSINESS WIRE)--OneStream Software, the leader in modern Corporate Performance Management (CPM) solutions for mid-sized to large enterprises, grew full year 2019 revenue more than 50% over the prior year results. The company was profitable for the eighth consecutive year, significantly surpassing the $100M revenue milestone with more than $130M in revenue for the year. The investment from KKR, announced in February 2019, has allowed OneStream to accelerate its investment in new geographies and industries, including the public sector.
Software license sales were up across all regions and were especially strong in Europe where OneStream increased YoY revenue by more than 200%. Overall, OneStream grew its customer base by 50% with close to 500 customers globally. New customers added in 2019 include Sharp Electronics, General Dynamics, Group Lotus (Lotus Cars), News Corp, H.B. Fuller and Alterra Mountain Company.
“The digital transformation of finance and rapid adoption of cloud-based finance solutions is driving continued growth as an increasing number of enterprises worldwide are selecting OneStream to replace legacy CPM applications such as Oracle Hyperion, SAP BPC, IBM/Cognos as well as spreadsheets and cloud-based point solutions. With our unified and extensible OneStream XF platform and the solutions offered through the XF MarketPlace, our customers are able to retire multiple legacy products, simplify and accelerate finance processes, support more informed decision making and allow their finance teams to become more agile and strategic. We expect continued positive momentum and strong growth in 2020,” said Craig Colby, president of OneStream.
Expanded Board and Leadership Team, Broader Global Reach
Following the KKR investment, KKR executives General (Ret.) and former CIA director David Petraeus, Dave Welsh and Jimmy Miele joined OneStream’s board of directors. Mike Burkland, executive chair for Five9 and John Kinzer, former CFO for HubSpot and operating partner at the Stripes Group also joined the board in 2019. OneStream also appointed Microsoft veteran and tech start-up expert Bill Koefoed as its new CFO in November.
OneStream extended its presence in Europe in 2019, expanding its Netherlands and UK offices and opening new offices in Germany, France and Sweden during the year. OneStream will continue its expansion in North America and EMEA and plans to enter strategic new markets in 2020.
OneStream increased headcount across all 10 locations in 2019, adding more than 200 new employees and finished the year with 445 employees world-wide. In July, Corp. Magazine named OneStream a Michigan Economic Bright Spot, in part due to strong hiring and growth, and in November OneStream was named by the Detroit Free Press as a winner of the Michigan Top Workplaces based on survey scores across several measures of workplace culture.
OneStream introduced a number of significant enhancements and innovative new solutions in 2019. This included the fifth generation of its unified OneStream XF platform with advancements in performance and scalability, plus enhanced analytics and self-service dashboards. OneStream extended its platform with Analytic Blend and Governed Analytics capabilities that allow finance executives to blend detailed operational and transactional data with the trusted and governed financial data managed within the OneStream XF platform.
OneStream expanded media recognition in 2019 and was named a Leader in three top industry analyst reports. The company was recognized for customer satisfaction, product leadership and increasing market adoption. Highlights include:
- Leader in the Gartner Magic Quadrant for Cloud Financial Close Solutions
- Leader and perfect Customer Recommend score in 2019 EPM Market Study by Dresner Advisory Services
- Leader in 2019 Nucleus Research CPM Value Matrix
- Outstanding rating and top ratings in all 7 categories in the 2019 BPM Pulse Awards
- 30 Top Ranks in the BARC Planning Survey 2019
“We had a strong year in 2019 and continue to build on that momentum in 2020 by broadening our global reach and delivering innovative new solutions that will help organization to digitally transform finance and deliver 100% customer success. That includes a series of advanced analytics solutions beginning with our recently announced Predictive Analytics 123 that will continue to help finance leaders become more informed, agile and strategic across the enterprise,” said Tom Shea, CEO of OneStream.
For more information, go to www.onestreamsoftware.com.