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Hg Capital - OneStream

Approved

Stage

Phase 1 - initial assessment

Effective Notification

19/02/2026

End of Determination Period

07/04/2026

Determination Published

17/03/2026 (26 cal / 17 bus. days)

Determination

Approved

Acquirers

Hg Pooled Management Limited

OnwardAcquireCo, Inc

Targets

OneStream, Inc.

Other parties

GS Topco GP LLC

LucaNet Group GmbH

Prophix Software Inc

Description

Hg Pooled Management Limited (Hg Capital) through a special purpose vehicle, Onward AcquireCo, Inc., proposes to acquire 100% of share capital in Onestream, Inc and OneStream Software LLC (together OneStream).

Hg Capital is a private equity firm focussed on investment in Europe and the US. Hg Capital’s portfolio companies include GS Topco GP LLC (insightsoftware), Prophix Software Inc (Prophix), and LucaNet Group GmbH (LucaNet). These companies provide various enterprise performance management software solutions throughout Australia for financial consolidation, budgeting, analysis, and planning and management reporting.

OneStream is a software provider offering a platform that unifies an enterprise's core financial functions and broader operation data and processes to increase the strategic impact of the Office of the CFO. OneStream's platform – the Digital Finance Cloud – provides capabilities centred on financial close and consolidation, and financial and operational planning and reporting (i.e. enterprise performance management).

Timeline & Events

  • Phase 1 - initial assessment determination: Approved

    17/03/2026

  • Questionnaire - Hg Capital - OneStream

    19/02/2026

  • Merger notified to ACCC

    19/02/2026