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KKR-Backed OneStream Files Confidentially for US IPO

Gillian Tan, Amy Or and Ryan Gould
·1-min read

(Bloomberg) -- KKR & Co.-backed software company OneStream has confidentially filed with the US Securities and Exchange Commission for an initial public offering that could come within a few months, according to people with knowledge of the matter.

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The company is seeking to be valued at up to $6 billion in an IPO, said the people, who asked not to be identified because the information isn’t yet public. OneStream is working with underwriters including Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc., they said.

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Terms including the company’s valuation in a listing are fluid and subject to market conditions.

Representatives for KKR, OneStream, Morgan Stanley and Citigroup declined to comment. A spokesperson for JPMorgan didn’t immediately respond to a request for comment.

KKR first invested in the company, led by Chief Executive Officer Tom Shea, in 2019. “One of the things that was important to me in an investor was finding an investor that truly understands the power of our platform and believes, as we do, that it has the potential to truly disrupt the market,” Shea wrote in a post at the time.

The company, which makes software that’s used by chief financial officers and finance teams broadly, counts Tidemark, Partners Fund Capital and Alkeon Capital Management as investors, according to its website. In 2021 it raised capital at a $6 billion valuation from backers including D1 Capital Partners and Tiger Global.

The company said last month that its annual recurring revenue exceeds $450 million, and had climbed 34% year-over-year as of March 31.

(Updates with OneStream response in fourth paragraph)

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