
Hg has completed the acquisition of OneStream for $6.4 billion, paying $24 per share—a 31% premium to the prior market price. The deal positions Hg as a major player in corporate performance management (CPM) and business intelligence, leveraging its software expertise to accelerate OneStream’s growth. OneStream’s cloud‑native CPM platform, already popular with Fortune 500 firms, now gains private‑equity resources for faster scaling. The transaction underscores a broader consolidation wave in enterprise finance software.

Roll‑up acquisitions in software markets combine multiple niche firms to achieve scale and cost efficiencies. While the consolidation can enhance operational performance and pool technological talent, it also reduces the number of independent competitors, raising antitrust concerns. Successful integration hinges...