CPM software provider reported 88 percent growth in Annual Recurring Revenue
OneStream, a leader in corporate performance management (CPM) solutions for the world’s leading enterprises, announced 88 percent year over year growth in Annual Recurring Revenue as of September 30.
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“Through our unified and extensible platform, organizations are able to architect solutions that address their most pressing CPM needs today while having the flexibility and capacity to grow with the organization over time – arming our clients with centralized data and critical insights when they need it most.”
The company has increased its customer base over 40 percent year over year, now surpassing over 800 organizations. New customers signed in the third quarter include: ENI Petroleum, Energetický a průmyslový holding (EPH), Oshkosh, Petroleum Service Corporation, Sonesta International Hotels and the United States Coast Guard. In addition to new customer acquisition, existing customer upsell accounted for approximately 35 percent of new business for the quarter as customers continued to see increasing value and use cases for the software.
OneStream’s headcount continues to grow as the company has hired over 300 employees since the beginning of 2021, with a headcount of over 900 employees across 17 countries. Earlier this year, the company announced plans for a new headquarters facility in Birmingham, Michigan with occupancy expected in the first quarter of 2022.
“Our third quarter growth demonstrates a growing trend of organizations breaking away from legacy CPM applications, such as Oracle Hyperion, SAP BPC and IBM Cognos as well as spreadsheets, to digitally transform and streamline critical financial processes such as planning, reporting and analysis,” said Tom Shea, CEO at OneStream. “Through our unified cloud platform, organizations are able to have a full-spectrum view into their finances, leading to increased agility in planning and reporting, deeper business insights and informed decision-making.”
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OneStream hosted its Splash 2021 Virtual Experience user conference from August 30 to September 1 with a record 2,250 attendees, including customers, partners and prospects. In the event’s opening keynote session, OneStream CEO Tom Shea previewed new Artificial Intelligence Services and Machine Learning capabilities. The company announced the new capabilities will be available to select customers in the fourth quarter of this year, with commercial availability expected in 2022.
“OneStream’s sustained growth centers on our commitment to delivering 100 percent customer success,” said Craig Colby, President at OneStream. “Through our unified and extensible platform, organizations are able to architect solutions that address their most pressing CPM needs today while having the flexibility and capacity to grow with the organization over time – arming our clients with centralized data and critical insights when they need it most.”
Over the course of the third quarter, OneStream received several industry recognitions as a leading provider of CPM solutions, including:
- Named a top 100 privately held emerging technology company in the U.S. in D.A. Davidson’s The Herd 2021
- Recognized on the Inc. 5000 list of Fastest Growing Companies for the sixth consecutive year
- Recognized as a Market Leader, earning a perfect recommend score in Dresner Advisory Services’ EPM Market Study for the fourth consecutive year.
OneStream is hosting a webinar on October 20 to discuss Accenture’s latest Global CFO Research, which reveals how CFOs are harnessing data and technology to improve their forecasting capabilities.