OneStream, a provider of unified business management software, is being acquired by private equity firm Hg in an all-cash deal valued at approximately $6.4 billion. The agreement, announced Tuesday, will see OneStream shareholders receive $24 per share.

Hg's investment represents a significant bet on OneStream's continued growth and its ability to capitalize on emerging trends in the financial technology sector. The deal underscores the increasing interest in specialized software solutions that streamline financial operations and provide deeper data insights.

According to OneStream CEO Tom Shea, the transaction is primarily driven by a desire to accelerate the company’s artificial intelligence (AI) strategy within the finance industry. Shea stated in an exclusive interview that going private will allow OneStream to move faster and more decisively in developing and deploying AI-powered tools for its customers.

The acquisition is expected to provide OneStream with greater flexibility to invest in research and development, expand its product offerings, and pursue strategic partnerships. Details regarding the timeline for closing the deal were not immediately available, but it is subject to customary closing conditions and regulatory approvals. The move reflects a broader trend of private equity firms investing in software companies to drive innovation and growth.