Core Insights - Hg Capital is in advanced discussions to acquire OneStream, a financial software maker, as reported by Bloomberg News [1] Group 1 - Hg Capital is a buyout firm that specializes in acquiring companies in the technology sector [1] - OneStream is known for its financial software solutions, which are likely to enhance Hg Capital's portfolio [1]

Appointments and Changes in CFO Positions - GitLab appointed Jessica Ross as finance chief, effective January 15, 2026, succeeding interim CFO James Shen [2] - OneStream's CFO Bill Koefoed will step down on December 31, 2025, with John Kinzer becoming interim CFO on January 1, 2026 [3] - Texas Roadhouse named Mike Lenihan as the new CFO, replacing interim CFO Keith Humpich [4] - Jersey Mike's appointed Michele Allen as CFO, succeeding Walter Tombs, who will retire in January 2026 [6] Tenure and Contributions - Keith Taylor, CFO of Equinix, will retire in 2026 after 27 years with the company, during which he guided it from startup to IPO and completed over 29 acquisitions [5]

Core Viewpoint - Financial software maker OneStream is considering strategic options, including a potential sale, shortly after its stock market debut [1] Company Summary - OneStream has been in the market for less than 18 months since its initial public offering [1]

OneStream (OS) 2025 Conference Summary Company Overview - **Company**: OneStream - **Event**: Citi Global TMT Conference - **Date**: September 04, 2025 Key Points Company Performance and Public Status - OneStream has been public for over a year, and the experience has met expectations, providing increased visibility and performance scrutiny, which strengthens the company [3][4][5] Innovation and Product Development - The company has seen record commercial pipeline growth, driven by innovations such as the Sensible AI portfolio and agile financial analytics [4][6] - OneStream's platform allows for close consolidation, planning, and reporting in a single data model, which is unique in the market [6][10] - AI innovations, particularly the Sensible AI Forecast, have shown significant momentum, with a case study indicating a customer saved $2.5 million and reduced forecasting time from ten days to one day [8][9][30] Federal Government Opportunities - The federal sector presents a significant opportunity for modernization, with many legacy systems still in use [13][14] - The government is cautious about moving to the cloud, which could impact revenue recognition for OneStream [14][15] Market Dynamics and Competitive Landscape - The financial transformation market is experiencing an upgrade cycle as on-premise ERP vendors push customers to the cloud, creating opportunities for legacy replacement [17][18] - Oracle remains OneStream's largest competitor, but win rates against major competitors have remained stable [20][21] - Concerns exist regarding the consolidation of ERP systems potentially limiting OneStream's opportunities; however, the company believes its unique capabilities will continue to provide value [22][24][27] AI Strategy and Use Cases - OneStream's AI capabilities are being leveraged for anomaly detection and enhanced forecasting, with a focus on accuracy and curated data [32][33] - The company is exploring monetization strategies for AI solutions, utilizing a hybrid pricing model that accommodates customer preferences [34][35] Sales and Organizational Changes - Recent changes in sales leadership were primarily for regulatory compliance, with no significant structural changes in the organization [56][57] - A dedicated AI sales force is being developed, focusing on integrating AI capabilities into the sales process [58][59] Financial Performance and Growth Strategy - OneStream aims to increase gross margins to 80% in the near to midterm, with ongoing investments in infrastructure and cost-saving measures [70][71] - The company is also exploring new geographic markets to drive top-line growth while maintaining a focus on margin improvement [69][70] Customer Engagement and Implementation - The introduction of CPM Express allows for faster implementation times (8-12 weeks) for smaller customers, enhancing expansion opportunities [45][48][52] - Customers are increasingly adopting consumption-based pricing models, reflecting a broader industry trend [39][40] Additional Insights - OneStream's internal use of AI has led to increased productivity in engineering and customer support, showcasing the effectiveness of its own products [64][65] - The company emphasizes the importance of maintaining customer trust and transparency in pricing discussions [43][44] This summary encapsulates the key insights and developments discussed during the OneStream conference, highlighting the company's strategic direction, market opportunities, and innovative capabilities.

Core Insights - The study titled "The Glass Chair" reveals that companies led by women CFOs achieve an average annualized shareholder return of 4.5%, outperforming industry benchmarks by approximately 0.2% annually across Europe, the UK, and the US [2][9] - Women CFOs are seen as pivotal in shaping the future of finance leadership, with 83% indicating that automation, particularly AI, is facilitating the entry of diverse expertise into the role [4][11] - The research highlights that women often take longer and less linear paths to the CFO position, averaging 18 years in Global Fortune 500 companies and 20 years in FTSE 100 firms [6][9] Business Value of Diversity - Companies that appoint women CFOs experience a 10% performance uplift in underperforming firms after the appointment [9] - The study emphasizes that advancing women into CFO roles enhances innovation and competitiveness, modernizing a critical business function [5][13] - Women CFOs are more likely to possess a broader enterprise-wide perspective and deeper operational acumen, which are essential for balancing financial strategy with people development and risk management [7][13] Skills for Future CFOs - The research identifies digital literacy and strategic leadership as essential skills for future CFOs, with 75% of women finance leaders recognizing their importance [4][11] - Women CFOs align with leadership personas that emphasize financial governance, strategic planning, and team development, which are crucial for today's finance leaders [8][10] - Despite the recognition of AI's importance, only 24% of women CFOs currently rely significantly on AI tools, indicating a gap in AI adoption that could be addressed to empower women leaders [12][9] Barriers to Advancement - Structural barriers such as economic downturns, workplace politics, limited mentorship access, and work-life balance challenges hinder women's progression to CFO roles [13][14] - The study suggests that addressing these barriers can unlock higher returns and broader skillsets necessary for steering finance into the future [14][13] - Women CFOs' focus on transparency and governance may contribute to their slower adoption of generic AI tools, which lack the necessary context for effective financial decision-making [12][11]

Group 1 - Investors are increasingly seeking safety during the Q2 earnings season by investing in blue-chip large-cap stocks such as Meta and Microsoft [1] - The trend indicates a shift towards established companies as a response to market volatility [1] Group 2 - The article highlights the experience of Gary Alexander, who has a background in covering technology companies and advising startups [1] - His insights reflect the current themes shaping the technology industry [1]

Summary of July 2025 CFO Survey Industry Overview - The survey focuses on the financial software industry, particularly the adoption of AI and digital transformation within finance departments of large organizations [2][3][4][5][6][7][8][9][10][11][12][13][14][15]. Key Insights Financial Software Budget Trends - Financial software budget growth is moderating but remains resilient against tariffs and DOGE, with a noted increase in digital transformation initiatives [2][3]. - Over 80% of respondents are more willing to engage in digital transformation projects compared to the previous year [2]. AI Adoption and Use Cases - AI adoption is strong in financial planning and automation, with 83% of respondents expecting AI/ML technologies to reduce headcount in finance departments [3][4][5]. - The percentage of budget allocated to AI monetization has decreased from 16% to 14% year-over-year, indicating a shift towards bundled functionalities [3][4]. Cloud Adoption Challenges - Cloud adoption for financial applications is stagnating, with only a projected 2% increase in workloads moving to public cloud over the next three years [3][4]. - Data security, migration costs, and compliance are cited as major barriers to cloud adoption [3][4]. Vendor-Specific Insights - **Microsoft (MSFT)**: Anticipated spending growth improved to approximately 3% year-over-year, driven by its leadership in GenAI and digital transformation initiatives [4]. - **ServiceNow (NOW)**: Expected spending growth is rising to 1.1% year-over-year, with significant customer growth in Pro Plus/AI capabilities [5]. - **Oracle (ORCL)**: Spending growth has decelerated to 1.7% year-over-year, but investments in GenAI may provide some resilience [6]. - **SAP**: Budget growth expectations have improved, indicating resilience in finance department budgets despite macroeconomic uncertainties [7]. - **Intuit (INTU)**: Customers expect to increase spending at an above-average pace, supported by AI adoption and digital transformation [8]. - **Workday (WDAY)**: Budget growth expectations have normalized to average levels, but cloud adoption trends may hinder further growth [9]. - **Sage (SGE)**: Spending growth is moving towards the top of the spectrum, surprising given previous deceleration [13]. Additional Observations - The survey indicates a trend towards vendor consolidation, with many organizations looking to reduce the number of software vendors in their finance departments [3][4][5][6][7][8][9][10][11][12][13][14][15]. - There is a strong appetite for automation, with over 50% of workflows targeted for full automation within three years [3][4]. Conclusion - The July 2025 CFO Survey highlights a complex landscape for financial software, characterized by moderating budget growth, strong AI adoption, stagnating cloud migration, and a trend towards vendor consolidation. Companies like Microsoft, ServiceNow, and SAP are positioned favorably, while challenges remain for others like Oracle and Workday. The overall sentiment reflects a cautious optimism towards digital transformation initiatives within finance departments.

Investment Rating - The report maintains a high-conviction Overweight rating for Oracle and related companies within the Office of the CFO coverage group, including BlackLine, OneStream, and Vertex [1][4]. Core Insights - The accelerating growth of Oracle Fusion and NetSuite, driven by AI, indicates a potential Back-Office Supercycle extending beyond the SAP ecosystem, enhancing confidence in investment calls [1][4]. - Oracle's F4Q25 results exceeded expectations, with Fusion's growth accelerating to 22% YoY and NetSuite to 18% YoY, with further growth anticipated in FY26 [2][11]. - The need for organizations to adopt AI is prompting upgrades from on-premises to cloud solutions, as AI capabilities are exclusively available in the cloud [2][4]. Summary by Sections Oracle's Performance - Oracle's recent results suggest a significant inflection point for ERP upgrades to the cloud, indicating increased demand for services associated with ERP cloud migrations [4]. - The report highlights that Oracle's strategic SaaS products are gaining popularity as they enable advanced AI capabilities, which are unavailable in on-premise systems [5][8]. Market Dynamics - SAP has been leading the Back-Office Supercycle with a more aggressive cloud migration strategy, which has positively impacted their cloud backlog growth [3]. - The report notes that the ability to leverage AI is a primary driver for CIOs upgrading their ERP platforms, as indicated by a recent survey [12]. Future Outlook - The anticipated ERP upgrades are expected to drive additional demand for services related to Oracle's cloud offerings, reinforcing the Overweight calls on BlackLine, OneStream, and Vertex [4]. - The report emphasizes that Vertex stands to benefit significantly due to its close relationship with Oracle [4].

OneStream (OS) Conference Summary Company Overview - **Company Name**: OneStream - **Industry**: Software, specifically focused on Corporate Performance Management (CPM) solutions - **Public Status**: Went public approximately one year ago Key Points and Arguments Company History and Growth - OneStream was founded in 2012 by former employees of Upstream and Hyperion, aiming to create a cloud-native platform for financial consolidation, planning, reporting, and analysis [2][6] - The company transitioned to a Software as a Service (SaaS) model after receiving investment from KKR in 2019, growing from $35 million in Annual Recurring Revenue (ARR) to over $600 million [6][7] - The total addressable market (TAM) for legacy software replacement is estimated to be over $10 billion, indicating significant growth potential [10] AI Investment and Applications - OneStream has been investing in AI for six years, focusing on purpose-built solutions rather than generic AI applications [11][12] - The "Sensible AI Forecasting" solution has reportedly improved forecast accuracy by 25% while reducing time spent by 75% [13] - AI applications have driven a 30% increase in R&D efficiency and have been integrated into support and training areas to enhance customer experience [15][16] Sales Strategy and Market Readiness - The AI business has seen a 50% year-over-year growth, with a dedicated sales team for AI now in place [27][28] - Customers are increasingly interested in AI solutions, especially those with clear ROI, although some CFOs remain cautious due to past disappointments with AI projects [22][23] - OneStream's sales strategy includes leveraging existing customer relationships to drive demand for both AI and core products [30] Product Development: CPM Express - CPM Express was launched to simplify implementation for commercial customers, allowing them to get up and running in 8 to 12 weeks [36][37] - The product is designed for companies seeking best practices and is not limited to smaller businesses; it can also serve enterprise customers [44] Competitive Landscape - OneStream's primary competitor is Oracle, along with SAP and Anaplan in the financial close consolidation and planning space [46] - The competitive landscape has remained relatively stable, with OneStream focusing on differentiating its platform through extensibility and integration capabilities [48] Partner Channel and Federal Opportunities - Over 90% of OneStream's implementations involve partners, highlighting the importance of the partner ecosystem [51] - OneStream is certified as FedRAMP High, allowing it to serve federal government clients, which currently represent 5-6% of revenue [53] Additional Important Insights - The company emphasizes the need for a single source of truth in financial reporting to reduce discrepancies among departments [49] - OneStream's platform allows for low-code and no-code configurations, enhancing user accessibility and report generation [49] - The company maintains a gross retention rate of over 98%, indicating strong customer satisfaction and loyalty [42]

Group 1 - Financial software is identified as a mission-critical component for businesses, emphasizing its importance in operations [1] - The article does not provide specific investment recommendations or advice, highlighting the independence of the author's opinions [2]