The Hg Capital acquisition of financial software company OneStream is a $6.4 billion all-cash deal, delivering a premium to shareholders as consolidation activity accelerates in the software sector.
The Hg Capital acquisition was announced less than two years after OneStream’s public listing on Nasdaq, highlighting renewed momentum in global mergers and acquisitions. Under the agreement, shareholders will receive $24 per share in cash, representing a 31 percent premium to the company’s previous closing price. Following the announcement, OneStream shares rose more than 28 percent during afternoon trading, reflecting strong market reaction to the deal.
Deal Structure and Market Context
The Hg Capital acquisition comes amid a steady rebound in mergers and acquisitions activity through 2025, as companies and investors pursue growth despite ongoing uncertainty in global markets. While macroeconomic conditions have weighed on technology valuations, private equity firms have shown increased interest in established software businesses with recurring revenue and enterprise customers.
Alongside the Hg Capital acquisition, private equity firm General Atlantic and investment firm Tidemark will join OneStream as minority investors. This structure is designed to support the company’s long-term growth strategy while ensuring continuity in ownership and strategic direction.
Reports had previously indicated that OneStream was evaluating strategic options, including a potential sale. Interest from multiple parties highlighted the company’s position within the financial software market, particularly as demand for tools that support financial reporting, compliance, and forecasting continues to grow among large organizations.
The purchase price values OneStream above its recent market capitalization, which stood at $4.48 billion prior to the announcement. The premium reflects expectations around future growth and the company’s role within enterprise finance operations.
Company Background and Strategic Direction
Founded in 2012, OneStream develops software designed to help executives manage financial reporting for regulators and investors. Its platform supports financial consolidation, planning, and analysis, and is used by major organizations including Toyota, UPS, News Corp, and General Dynamics.
In addition to its core reporting capabilities, OneStream has expanded into artificial intelligence–driven financial forecasting tools. These offerings position the company against larger enterprise software providers such as Oracle, SAP, and Workday. The Hg Capital acquisition is expected to accelerate innovation in AI and enable OneStream to scale its software more efficiently across global markets.
OneStream entered public markets in July 2024, at a time when technology listings were gaining renewed interest. Shares opened at $26 during the initial public offering, valuing the company at nearly $6 billion. However, like many technology firms focused on growth, OneStream faced challenges sustaining that valuation as investor sentiment shifted amid broader economic pressures.
The move back into private ownership is expected to provide greater flexibility for long-term investment decisions. Private equity ownership often allows companies to pursue product development and operational changes without the short-term performance pressures associated with public markets.
The transaction is expected to close in the first half of 2026, subject to customary conditions. Financial advisory services for the deal were provided by J.P. Morgan Securities.
