OneStream Software looking to new geographies for growth, says CFO Bill Koefoed
OneStream, which has seen massive success in its current geographies, is looking to expand into new geographies.
OneStream Software has reported 188 percent year-over-year bookings growth in the second quarter of 2021, and 200 percent year-over-year bookings growth for the first half of 2021. The corporate performance management (CPM) solutions provider also reported a 48 percent year-over-year growth in its customer base, resulting in more than 750 customers globally.
“We are especially proud of our new customer acquisition rate in the first half, with roughly 100 new enterprise-class customers added,” says CFO Bill Koefoed.
Because of the increase in demand and customers, Bill explains that OneStream is investing in training and enabling its partners. In April, the company secured $200 million in new venture funding from D1 Capital Partners, along with Tiger Global and Investment Group of Santa Barbara, to accelerate global expansion and innovation across its platform and solutions marketplace. “We will be investing in new geographies, such as Asia-Pacific, as we see significant opportunities there,” he says.
In addition to this, he says the group is also increasing investments in new solutions that can be delivered via the OneStream MarketPlace to extend its reach into line of business operations.
The group saw a 100 percent year-over-year growth in annual recurring revenue as of 30 June, which Bill attributes to the Covid-19 pandemic that “put a spotlight on the need for global enterprises to have agile reporting and planning processes and systems in place that enable them to adapt quickly to changing economic and industry conditions”.
He explains that this has driven demand for unified CPM platforms like OneStream that can replace spreadsheets and legacy CPM applications.