By Dave Welsh Feb 07, 2019
Enterprise software disruptors frequently emerge from within the legacy leaders of the previous generation. So it was with Workday, ServiceNow, Salesforce and many others that took on the incumbent in their space and rapidly gained market share by delivering a new, innovative and agile platform. Today, these disruptors are major players in their respective markets of HR, IT, and sales, yet we have not seen a new disruptor do the same for the Office of the CFO.
Or so we thought, until we were introduced to OneStream Software. When we first got to know the team at OneStream, their deep domain expertise and vision led us to believe we are on the cusp of a similar market disruption - and we wanted to be a part of it.
Every company, from mid-sized companies to the largest global enterprises, has some version of this kind of software to handle financial and operational planning, financial consolidation and close, intercompany and account reconciliation, reporting and analysis and other finance and business processes. Today, the Office of the CFO is typically besieged by a mess of solutions that are siloed, not integrated, difficult to manage and expensive to maintain. Over the years, most have implemented anywhere from two to more than ten systems or apps trying to tackle these issues, and they are becoming increasingly frustrated and disillusioned. Given the complicated financial web this weaves, many forward-looking companies are looking for a better, more efficient and more agile alternative.
We believe OneStream is the answer. Its innovative platform was developed from the ground up to disrupt the market. Not only have they built a software platform that addresses the shortcomings of prior Corporate Performance Management (CPM) solutions, their innovative architecture positions OneStream to be the platform of choice for mid-sized to large or complex enterprises as they embrace digital transformation. OneStream has already demonstrated the potential of its platform with more than 500% growth over the last three years and with successful major implementations at some of the world’s largest and most complex enterprises.
This is a company that has bootstrapped its operation since inception, growing strongly and profitably for several years. Now, OneStream is ready to increase its footprint around the world and among a wider array of customers, including in the government sector. The experienced management team, innovative platform, incredibly loyal customer base, and huge market opportunity underscore why we’re so excited to become the first outside investor in OneStream; not to mention the fact that the company is based in Rochester, Mich. – a testament to our conviction that Silicon Valley does not have a monopoly on innovation.
One of our objectives investing in the technology growth equity space is to back companies that will become global leaders offering much-needed solutions in growing markets. We strongly believe OneStream is on that path and are thrilled to have the opportunity to invest in their future.