ROCHESTER, Mich.--(BUSINESS WIRE)--OneStream Software LLC, a leading provider of cloud and on-premise corporate performance management (CPM) solutions for mid-sized to large enterprises, achieved 90 percent growth in total revenue, driven by increasing adoption of OneStream XF Cloud which represented nearly two-thirds of new revenue and customers.
Founded in 2010, OneStream has maintained significant growth in annual revenue every year without VC funding or taking on debt. This achievement reflects the company’s strategy of focusing on the high end of the market, the functionality and enterprise-scalability of the OneStream XF platform, delivery of more domain-specific XF MarketPlace solutions, the company’s dedication to 100 percent customer referenceability, and its highly experienced leadership and development team.
“OneStream has had another incredible year,” said Tom Shea, chief executive officer of OneStream Software. “Our commitment to the product, our customers, our partner community and organization has driven 90 percent growth in overall revenue and triple-digit growth in cloud revenue. Over 80 percent of our new customers migrated to OneStream from legacy solutions—such as Oracle Hyperion, IBM and SAP. The market is telling us that they see tremendous value in a robust, unified platform that can be extended to meet the changing needs for the Office of Finance.”
New Customers and Markets
Over the course of the year, OneStream expanded its customer portfolio by 96 percent and made a strategic investment by expanding both its direct sales team and partner network. OneStream welcomed 24 new partners into the OneStream ecosystem and established new markets and added several customers in Australia, Switzerland, Germany, India, Iceland, Sweden, South Africa, South America and Asia.
“Our XF Cloud is in strong demand across all regions and now makes up the majority of all new customers and revenue,” says Craig Colby, chief revenue officer of OneStream Software. “Many of our largest new customers are choosing the value of the XF Cloud deployment option. These customers are seeing a significant decrease in TCO, maintenance costs and IT burden as compared to legacy fragmented solutions. Our customers don’t license OneStream for one department. They license OneStream as a corporate platform to use enterprise-wide.”
On average, OneStream customers have $4B+ in annual revenue, are publicly traded, and have an expansive global footprint with sophisticated financial consolidation, reporting, planning and account reconciliation requirements. Notable customers that adopted OneStream in 2017 include Post Holdings Inc., Diamond Offshore Drilling, ISS, Capital One, Lansinoh, Arch Capital Group, Darden and Terex among others.
For information on customer success stories and testimonials, please visit http://www.onestreamsoftware.com/customers/testimonials/.
OneStream expanded its employee base by 75 percent, growing to 170 total employees, and has grown in every department and location globally. Key additions to OneStream’s leadership team include Jeff DeGrieck, chief operating officer, and John O’Rourke, vice president of product marketing, both of whom bring many years of CPM industry experience to the OneStream team. A key addition is Cameron Lackpour, noted Essbase and Hyperion Planning domain expert and author.
Awards and Recognitions
OneStream achieved the following recognitions throughout 2017 for the company’s commitment to its growing community, exceptional product development, and unmatched customer success and referenceability.
- OneStream Software was named a Visionary in Gartner’s Magic Quadrant for Cloud Financial Corporate Performance Management Solutions.* View a complimentary copy of Gartner’s report here.
- More recently OneStream Software was named a Leader in the Nucleus Research CPM Technology Value Matrix with top placement in both usability and functionality. View a complimentary copy of the report here.
- “Industry Era” magazine named OneStream as one of its “Ten Best Finance Solution Providers - 2017.”
- EY recognized OneStream for excelling in financial performance and named it as a finalist for the Entrepreneur Of The Year® award.
OneStream’s unified SmartCPM™ solution enables customers to simplify and unify their financial close and consolidation, reporting, account reconciliations, data quality, financial and operational planning, and analytic processes. OneStream continued to innovate the OneStream XF platform and added several new solutions to the OneStream XF MarketPlace in 2017. These solutions offer an accelerated time to value benefit and are currently available to customers as free downloads that can be implemented quickly to extend their investment in the OneStream XF platform. New XF MarketPlace solutions delivered in 2017 include Disclosure Management, Task Management, Close Management and IFRS 16/ASC 842 Lease Accounting Compliance.
For its OneStream XF Cloud solution, OneStream has delivered both SOC-1 Type 2 and SOC-2 Type 2 Reports. These reports are auditing reports issued in compliance with the SSAE18 standard. OneStream Software is in process of obtaining FedRAMP (medium) Authorization with its Cloud Services for Government and the Authorization to Operate (ATO).
Building a Community
OneStream will be hosting its Splash annual user conference and partner summit at the Drake Hotel on May 15 – 17th in Chicago. This global conference along with the Splash 2.0 (EMEA) conference will allow OneStream to build mindshare with the largest customers, prospects and partners that are striving to modernize, simplify and extend finance organizations as they move from the mechanics of reporting to a true business partner of management.
To learn more about OneStream Splash 2018, please visit: http://splash.onestreamsoftware.com/
For the latest press releases and news content, please visit http://www.onestreamsoftware.com/news-events/news/.
*Gartner, “Magic Quadrant for Cloud Financial Corporate Performance Management Solutions,” John E. Van Decker, Christopher Iervolino, 29 June 2017.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About OneStream Software LLC
OneStream Software provides a revolutionary CPM solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed in the cloud or on-premise, OneStream XF is the only solution that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate chart of accounts—all through a single application. The OneStream XF MarketPlace features downloadable solutions that allow customers to extend the value of their platform to quickly meet the changing needs of finance and operations. We are driven by our mission statement that every customer must be a reference and success.