OneStream Software LLC, of Rochester announced that it has entered an agreement to receive a major investment from global investment firm KKR. The investment will take the company’s valuation to more than $1 billion, according to a news release from OneStream.

OneStream is a global provider of cloud or on-premise corporate performance management (CPM) solutions.

In 2018, the firm achieved 137 percent year-over-year growth in software sales and record profitability and added a second headquarters location in Rochester.

“2018 was an unprecedented year for OneStream Software with record revenue, profit, new strategic partnerships, global expansion and the rapid delivery of several new business solutions through our innovative XF MarketPlace,” Tom Shea, CEO of OneStream Software said in the news release.

The capital infusion by KKR will be used for sales, marketing, product development and to build upon the firm’s one-stop solutions for the office of CFO for mid-size to large enterprises, according to the news release.

“Based on their more than two decades of experience developing software solutions for the office of the CFO, the OneStream team has taken a modern platform approach to addressing the complex financial structures facing large organizations today. As a result, OneStream’s platform is rapidly gaining mindshare as the high-quality and high-value alternative to maintaining cumbersome legacy applications,” Dave Welsh, member and head of TMT Growth Equity at KKR, said in the news release.

Welsh will join OneStream’s board of directors along with General (Ret.) David H. Petraeus, member, KKR, and chairman of the KKR Global Institute, and Jim Miele, principal, KKR.

OneStream was recognized as one of the fastest growing companies in the Deloitte 2018 Technology Fast 500, and has been on the Inc. 5000 list of fastest growing companies, 2016-2018.

For more information, visit www.onestreamsoftware.com.