OneStream Software, a leading tech organization in Corporate Performance Management (CPM) solutions for the medium to very large-sized enterprises, has been identified with a Michigan Economic Bright Spot award from Corp! Magazine.
Sue Voyles, publisher and executive editor at Corp! Magazine explained that as Michigan continually diversifies its economy, tech is one crucial industry that would determine future growth. OneStream Software is carting the charge alongside several other Michigan tech companies to increase economic opportunity, draw new talent, and establish Michigan as a great, strong and viable technology hub.
Michigan’s Economic Bright Spots Awards exalts and appreciates companies which showcase economic growth and expansion, and at the same time create opportunities for Michigan’s greatest talent. Recipients are singled out for standing as examples in term of being best in innovation and having an entrepreneurial spirit.
High Tech Unicorn
After receiving an investment from KKR in the month of February, OneStream has come up as a high tech unicorn having a valuation of over $1 billion. The company is continually growing at a rapid rate, named amongst Deloitte’s 2018 Technology Fast 500™ list based on 461% revenue growth through a three-year period. In Michigan, OneStream has expanded its corporate headquarters and has also opened a second facility in Rochester to allow for growth.
Digital Transformation of Finance
Companies are now presented with the opportunity to transform their finances in a digital way, while replacing legacy systems which are aging. OneStream’s has its growth driven to a large extent by enterprise companies moving multiple legacy financial reporting as well as planning systems onto an only, unified OneStream platform employed through the cloud or on-premise. Over 75% of OneStream’s business stems from companies changing outdated solutions from vendors such as SAP, Oracle Hyperion, and IBM.
Tom Shea, CEO for OneStream Software reported that OneStream Software is transforming the entire game for corporate finance by assisting enterprise-class organizations to strengthen and consolidate several legacy systems to a single and unified platform. The result of this is significant savings in terms of time and money, as well as a bettered efficiency and productivity for finance teams. Tom Shea thus said that an increasing number of large organizations all over the world are moving their finance systems to OneStream and seeing strong benefits.
OneStream Software supplies a more recent Corporate Performance Management solution which simplifies and unifies financial consolidation, reporting, planning, analytics and financial data quality for organizations which are sophisticated.
Employed through the cloud or on-premise, OneStream’s unified platform gives organizations the opportunity to modernize Finance, change multiple legacy applications, and decrease the entire cost of being the owner of financial systems. OneStream helps Finance teams evolve to use up less time on system maintenance and data integration – and more time directing focus on pushing business performance.
The OneStream XF MarketPlace has downloadable solutions which enable customers to extend the value of their CPM platform very easily, so as to quickly meet the changing needs of finance and operations.
The advantages of using the technology confirms that their win is a true attestation of their place as a Tech Unicorn.