Tom Shea and Craig Colby founded Upstream Software, headquartered in downtown Rochester, in January 2000. The products Shea created as the architect of Upstream Software pioneered a new space called Financial Data Quality, and achieved a better way to manage data quality for financial data products – so much better, in fact, that the company was acquired by Hyperion, then the leading provider of performance management software in the financial reporting industry.
At the time they sold the company, they were a three time Inc. 500 fastest growing private company honoree. After the acquisition by Hyperion – later Oracle Hyperion after they were acquired themselves – their products were being used by thousands of customers throughout the world.
After taking some time off, Shea and Colby got back into the game and began work on new and improved products, launching their new company OneStream Software in 2010. This time they brought Bob Powers on board as VP and CTO, who invented a market leading consolidation tool used by the vast majority of the Fortune 500 companies.
“We’re a little bit of David taking on Goliath,” says Colby, Vice President of Marketing and Communication for OneStream Software.” About seventy percent of our customers are from the market leaders and we are having great success in competitive situations.
He continues, “Every single customer is a reference for us. We have a 100% customer success rate. It is actually our mission statement and we are really proud of the successful solutions we are delivering to customers.”
OneStream Software offers one platform for all financial Corporate Performance Management solutions, providing high adaptability in a unified software platform that can change with the changing needs of a business without the need for additional products or modules. Their slogan is “Get back to business,” and their simplified all-in-one OneStream XF unifies complex financial consolidation, reporting, planning, and analytics, allowing businesses to focus on their business instead of software.
“You learn a lot from the experience of developing market leading solutions,” says Colby. “You learn that maybe there needs to be an adjustment in the approach. [Now we can say], ‘We know how you’re doing it and we’ve got a better way.’ It really does resonate. Other vendors sell multiple products or modules to accomplish what OneStream XF covers in one product so our customers can stop worrying about the mechanics of integrating multiple products and get back to business.”
OneStream has customers all over the world including Federal Mogul in Detroit, Guardian Industries in Auburn Hills, Melrose in the UK, and many more throughout North America and Europe.
“We’re having tremendous success with large global organizations that are looking for a modern solution to solve these business problems,” Colby says. “We go in [to these] customers using the market leading products and show them our new approach to solving complex business problems in a simplified manner and customers can see the value. It’s like going from the original flip phone to getting a smart phone in your hand: that’s the analogy we hear over and over again.”
The company has offices in Switzerland, the Netherlands, and the United Kingdom, with consultants and sales team located all over both continents, but continues to be headquartered in Rochester, MI – Colby and Shea are hometown boys who grew up in Oakland County and attended Troy Athens High School.
“There’s a great talent pool here,” Colby says. “There are a lot of positives and negatives to a down job market. The positives are that there are a lot of really talented and really great people who don’t have a job or are looking for a better job or doing a job they’re overqualified for. We have a great educated talent pool that we are bringing together here in Rochester.”
In under five years, the privately-held company has grown to about 50 people, 25 of which are at the new Rochester, MI headquarters.
OneStream just held a ribbon cutting at its new Rochester facility, a warehouse that will be a space the company can grow with that includes a sports court, golf simulator, a complete training room for customers, conference centers, work areas, lounge areas, and a state of the art data center that ensures their ability to continue supporting their global customers regardless of local power outages. They’ll also be adding a gym in the future. “It’s a really cool space,” says Colby. “We put in a lot of money and effort to make it a really dynamic and fun place to work. It’s a great recruiting tool for top talent.”