OneStream Software, a leader in corporate performance management (CPM) solutions for mid-sized to very large enterprises, announced year-over-year revenue, customer, and partner growth in the first half of 2020. With the pandemic presenting unprecedented challenges and new responsibilities for CFOs and their teams, many finance leaders are turning to OneStream for unified, cloud-based solutions that increase the work-from-home efficiency and agility of finance teams and their business partners.
OneStream reported 75 percent growth in Annual Recurring Revenue (ARR) as of June 30th, demonstrating continued market demand for its solutions during uncertain times. The company also reported a 40 percent year-over-year growth in new customer acquisition, to well over 500, and a 67 percent increase in employees over that period. New customers added in the first half of 2020 include The Timken Company, Ontic Engineering & Manufacturing UK, Cronos Group, Buckeye Partners and Jardine Motors.
In addition, more than 50 existing customers added additional user licenses during the first six months of the year. OneStream continues to replace spreadsheets, multiple legacy applications such as Oracle Hyperion, SAP BPC, and IBM Cognos as well as cloud-based point solutions with its unified CPM platform to streamline processes such as financial close and consolidation, reporting, planning, forecasting and account reconciliations.
“Our continued growth is a true testament to the market opportunity and demand we see as the office of finance seeks to modernize their financial systems, embrace new workstyles, increase business insights and improve their ability to navigate quickly through market uncertainty," said Tom Shea, CEO of OneStream. “Our focus on delivering 100% customer success and on customer-driven innovations are enabling finance leaders to rapidly respond to market forces with confidence and create opportunities to move their businesses forward during challenging times."
OneStream added thirteen new partners in the past six months including Grant Thornton and a number of regional partners in North America and EMEA, strengthening its global ecosystem to 186 partners. OneStream also renewed its partnership and commitment to Microsoft Azure as its cloud platform.
During the first half of 2020 the company released several new solutions for the OneStream XF MarketPlace such as Predictive Analytics 123, empowering finance teams to incorporate predictive capabilities into financial plans and operational forecasts for faster, more informed decision-making. OneStream also launched its Transaction Matching solution. Downloadable from the XF MarketPlace, this solution enables finance leaders to collect and match large volumes of transactions from multiple sources to quickly resolve differences to accurately finalize period-end balances and accelerate the close process.
“Over the last few years finance professionals have been embracing or at least evaluating how new technology and innovation can help drive finance transformation, but the pandemic and subsequent rapidly changing business conditions have demonstrated how essential it is for finance teams to be able to quickly pivot, re-forecast frequently and model new scenarios,” said Craig Colby, President of OneStream Software. “OneStream’s cloud platform and built-in financial intelligence has proven to be integral in providing finance leaders with the ability to keep their teams connected and productive while working remotely, while also providing more frequent financial signals from transactional data to support faster more informed decision-making.”
In the first six months of 2020, OneStream strengthened its position as a leading provider of CPM solutions by through several industry recognitions, including:
· Winner for support of the Office of Finance in Ventana Research’s 13th Annual Digital Innovation Awards
· Recognized as a Leader and Earned a Perfect Recommend Score in Dresner Advisory Services’ EPM Market Study for Third Consecutive Year
· Top ranks in thirty-eight of sixty categories in the BARC Planning Survey
· The highest rating among all vendors and recognition as a Gartner Peer Insights Customers' Choice for Cloud Financial Close Solutions
· Named a market leader in the 2020 Nucleus Research Value Matrix for CPM software for the 3rd consecutive year
OneStream was also named to Inc. Magazine’s List of Best Workplaces for 2020 and was named to the 2020 List of 100 Best Places to Work in IT by Insider Pro and Computerworld.
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