OneStream Software, a provider of corporate performance management software for financial executives, has secured an investment from the private equity firm KKR.

The deal puts OneStream’s valuation at over $1 billion. The amount of the investment was not disclosed, but it’s reportedly over $500 million, according to The Wall Street Journal, giving New York-based KKR a majority stake in the company, which is headquartered in Rochester, Michigan.

OneStream plans to use the extra money to scale up the company and develop more of an all-around corporate financial technology system for CPAs, CFOs and the finance department. OneStream expects to go beyond the financial planning and analysis function and financial reporting to address tasks such as tax provisioning, transfer pricing and lease accounting. Besides product development, OneStream also intends to use the extra capital to accelerate investment in sales and marketing. Wells Fargo Securities advised OneStream on the transaction.

OneStream said it added 120 new enterprise customers last year, 75 percent of which came from companies replacing their legacy financial analysis systems. Customers include UPS, Fruit of the Loom, the Carlyle Group, Post Holdings, Sagent Pharmaceuticals and Melrose PLC.

“Since founding this company in 2010, after having been a part of the CPM market for 20-plus years, we set out to create a platform to break down the silos across different functions within the office of the CFO to not only modernize it, but to revolutionize organizations,” said OneStream CEO Tom Shea in a statement. “We have done this in a customer-centric way, in which every customer is a reference and has a platform to accelerate their digital finance transformation at their own pace. We are pleased to have an experienced investor like KKR back our platform and our vision for continued growth.”

OneStream has been expanding its business across new geographic areas, industries and government agencies.

Once the transaction closes, retired General David H. Petraeus, who chairs the KKR Global Institute, along with Dave Welsh, head of TMT Growth Equity at KKR, and Jim Miele, a principal at KKR, will join OneStream’s board of directors.

“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,” Welsh stated. “As a result, OneStream’s platform is rapidly gaining mindshare as the high-quality and high-value alternative to maintaining cumbersome legacy applications.”