After a valuation of $1 billion earlier this year, OneStream Software LLC has confirmed the appointment of a new CFO with a strong finance background with Microsoft and other leading technology businesses. Bill Koeford starts at a company that has experienced significant growth, thanks partly to a $500 million investments from US-based private equity company KKR & Co. Inc. Koeford’s initial task will be to develop a specific financial planning and analysis team, with guided support from OneStream software. Koefoed stated that it wasn’t often you get an opportunity to be a CFO of a business that is developing software for CFOs.
Launched in 2010, OneStream specialises in developing software that offers a simplistic option for financial consolidation, planning, reporting, analytics and financial data. OneStream has a large number of clients using its services, including UPS, Fruit of the Loom, Carlyle Group and Melrose PLC.
OneStream founder and CEO Tom Shea state that the business will work on creating an initial public offering, but Koefoed said he couldn’t confirm a timeline on when this will happen. Company revenue exceeded $88 million last year and achieved 68% year-over-year sales growth in H1 of 2019. It now has in excess of 370 global customers and employs 415 people worldwide, of which 200 were hired in the last year.
OneStream believes its cloud-based OneStream XF platform as a disruptor of corporate performance management software, an area they believe has lacked any real developments in recent years.
Cloud-based systems are rapidly transforming the way companies operate, from hiring and human resources to operations and supply-chain management. Koeford relates OneStream to innovative cloud-based technology businesses such as Salesforce and Workday, but OneSteam is the first firm to integrate smoothly for CFO’s.