Krystal Hu, Anirban S

(Reuters) – OneStream Software, which is backed by private equity firm KKR & Co (NYSE:), has hired advisers to help it prepare for an initial public offering (IPO) in New York that could value the software maker at over $10 billion, people familiar with the matter said.

OneStream in Rochester, Michigan, which develops software solutions and tools for chief financial officers of companies (CFOs), has been selected by an investment bank Morgan Stanley The sources claimed that the NYSE will be leading preparations for an expected stock market launch in January next year.

OneStream secured funding earlier in the year from investors D1 Capital Partners (Tiger Global Management) at a value of $6 billion. OneStream stated at the time that it intended to become public later.

Sources said that the software company is likely to almost double its value at its flotation, 2022.

According to sources who spoke anonymously because of confidential discussions, the size and timing of the deal are subject to market conditions. They could also change.

Morgan Stanley and KKR did not respond to requests for comment. OneStream didn’t immediately reply to our requests for comment.

OneStream, a company that developed software tools, saw a boom in demand during the pandemic. Companies were able to accelerate digital transformations and seek tools that improve financial planning.

OneStream reported that its annual recurring revenues (ARR), a key metric for software companies, increased by two-thirds in the first half 2021.

OneStream, which was founded in 2010, assists CFOs to prepare financial statements and present them to regulators or investors. According to the company’s website, it helps companies with budgeting, planning and forecasting.

Some of its most prominent clients include Toyota Motor Corp (NYSE:) United Parcel General Dynamics (NYSE) is a subsidiary of News Corp (NASDAQ), Service (NYSE), and News Corp (NASDAQ). KKR purchased a majority share in OneStream for $1 billion in 2019.