OneStream Software, a global leader in corporate performance management (CPM) solutions for mid to large businesses confirmed that approximately 75% of new customers in the last year have selected the OneStream XF Cloud solution, supported by Microsoft Azure.

Customers include AFL Global, Terex Corporation and Steel Dynamics, businesses migrating from traditional on-premise finance systems to the cloud-based OneStream XF cloud solution.

Tom Shea, the CEO of OneStream Software explains that their integration with Microsoft Azure delivers a modern and trusted digital landscape for OneStream customers. Shea highlights that OneStream is leveraging the intelligent data security system of Azure, the flexible scalability and quick time-to-value benefits to generate a unified, large scale cloud CPM platform.

Shea reiterates that larger businesses require a system that won’t impact capability or performance when moving to the cloud. The OneStream XF Cloud platform incorporates Microsoft Azure Active Directory, Azure SQL Database and Azure Key Vault, along with several industry-focused regulatory requirements. Lani Phillips, the VP of Channel Sales at Microsoft believes that OneStream software allows businesses to modernise their finance systems and simplify the move to the cloud with Microsoft Azure. Phillips believes that for financial professionals, OneStream XF Cloud is a singular and cost-effective option compared to the traditional CPM platforms offered by Oracle, SAP and IBM.

Moving multiple systems to a single OneStream XF cloud platform powered by Azure supports businesses in accelerating financial close, planning and reporting processes and providing further insights into key data to create better business decisions.

The OneStream XF market offers a number of solutions that expand beyond the original platform to support other requirements including account reconciliations, tax processes and capital planning. Hundreds of businesses worldwide are now using OneStream XF to enhance finance and support finance digital transformation strategies.

OneStream has experienced a 189% growth in software sales, driven by the acquisition of new enterprise customers and enhanced cloud adoption.

Following on from its strong progress in 2017, OneStream Software, a market leader in Corporate Performance Management solutions for medium and large businesses recorded a significant increase in software revenue for the first period of 2018. The surge of revenue was driven particularly by the addition of new enterprise customers, expanding its existing customer platform base and an overall increase in cloud developments.

New customers for this year include UPS, Toyota, Burton Snowboards and Alliance Data Systems. Nearly three-quarters of new customers added OneStream to replace Oracle Hyperion, SAP BPC and other traditional popular technology tools.

Industry recognition for OneStream

Just this year OneStream has received recognition from five independent research companies for its industry leadership and high customer support. Gartner highlighted OneStream as a Visionary in its Cloud Financial Close, Planning and Analysis Solutions. Nucleus Research selected OneStream in its leader Quadrant for the 2018 CPM Value Matrix. Dresner Advisory Services awarded OneStream with a perfect Customer Recommend score and named the company at the leader for customer experience and credibility within their enterprise and planning study.

Tom Shea, the CEO of OneStream Software explains that achieving 100% customer success is not their main goal, but is a key factor that is considered within the company. Shea explains that the recent success is driving continued growth, creating more customers and supporting product development decisions.

OneStream solutions for new lease accounting and tax provision

At a conference earlier this year, OneStream launched a series of new products for its XF MarketPlace, the only app store available for CPM, offering tested and proven solutions for the industry. In May, OneStream launched its lease accounting solution to support businesses to meet the required accounting guidelines. OneStream also confirmed the launch of a Tax Provision product to support businesses with tax reporting and planning. The XF MarketPlace portfolio now offers 40 solutions and continues to expand further.

Craig Colby, the chief revenue officer of OneStream explains that they are experiencing continued growth from new customers and their existing customer base. There is a notable increase in the leverage of their XF MarketPlace solutions which Colby suggests is down to the customer-focused approach. Working with customers to replace traditional applications and at the same time manage new issues with the OneStream XF platform is proving to be a successful approach.

What is the OneStream Software?

OneStream Software offers a new corporate performance management (CPM) system that integrated and simplifies financial consolidation, planning, reporting and analytics for businesses. The platform can be utilised via the cloud or on-site. OneStream XF is the first and only existing solution that provides corporate standards and controls, enabling businesses to report and plan specific details without affecting corporate standards. The OneStream XF MarketPlace system includes a range of downloadable solutions enabling customers to enhance the CPM platform and manage the changing financial and operational needs of their business.