OneStream's founders had already built the software most big finance teams used, then watched it get bought. Tom Shea's first company, UpStream, was acquired by Hyperion. There he worked with Craig Colby and Bob Powers, who had been key to building Hyperion's financial management product. Their new company set out to replace the patchwork of tools that grew up around it. By July 2024 OneStream had 1,423 customers and was controlled by KKR when it went public.

Starting Over in Michigan

Shea, Colby and Powers formed OneStream in 2012, based in Birmingham, Michigan. They launched with a single customer, a global company worth billions. The bet was that the office of the chief financial officer wanted consolidation, planning, reporting and reconciliation on one platform instead of many. OneStream sold it as a cloud subscription. KKR bought a majority stake in 2019. The company passed $450 million in annual recurring revenue in 2023.

Bought Out by Hg

OneStream sold 24.5 million shares at $20 in July 2024 and listed on the Nasdaq Global Select Market as OS. Once the deal closed, KKR held about 52 percent of the voting power. In January 2026 OneStream agreed to be acquired by affiliates of Hg, the software investor. Shareholders received $24 a share in cash. The deal closed on April 1, 2026, and OneStream left Nasdaq.

Cover: The Brook of Les Puits-Noir, Gustave Courbet. Art Institute of Chicago, public domain. Chosen for a single brook running through a gorge (one stream of data).