Hg Capital, a private‑equity firm known for acquiring mission‑critical software businesses, has entered advanced talks to buy OneStream, Inc. for a total enterprise value of $6.4 billion, which translates to a purchase price of $24.00 per share—approximately a 30% premium over OneStream’s market price at the time of the announcement.
OneStream, a publicly traded enterprise finance platform that has shifted to a SaaS model, has seen its share price fall 35% over the past year. The decline reflects a combination of widening losses—$201.56 million in 2024 versus a $74.5 million loss in 2023—and a negative trailing‑12‑month EBITDA of $131.99 million. Despite revenue growth of 30.5% to $489.41 million in 2024, the company’s profitability has deteriorated, prompting investors to reassess its valuation.
The premium offered by Hg Capital signals confidence that the company’s AI‑enabled platform can unlock value once it is taken private. Hg’s strategy focuses on long‑term, recurring‑revenue software businesses, and OneStream’s customer base includes a significant portion of the Fortune 500, positioning it as a high‑potential platform for further expansion. Management has welcomed the opportunity, with CEO Tom Shea stating that the partnership will accelerate the company’s AI‑first go‑to‑market strategy and broaden its finance‑AI capabilities.
The deal is expected to close in the first half of 2026, after regulatory approvals and shareholder consent. If completed, the transaction would remove OneStream from the public markets, allowing the company to pursue a longer‑term growth path without the quarterly reporting pressures that have contributed to its recent share‑price volatility.
The announcement has been well received by investors, who view the premium offer as a potential valuation reset for a company that has struggled to translate its revenue growth into profitability. The transaction aligns with Hg Capital’s track record of turning around software businesses and positions OneStream to focus on scaling its AI platform and expanding its customer base without the constraints of public market expectations.
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