According to people familiar with the situation, OneStream Software, which is backed by private equity firm KKR, has hired advisers to help it prepare for an IPO in New York that could value the software manufacturer at over $10 billion.

OneStream, based in Rochester, Michigan, develops software tools and solutions for organizations' chief financial officers (CFOs), has hired Morgan Stanley to handle preparations for a public market debut expected early next year, according to sources.

OneStream raised $6 billion in fundraising earlier this year from a group of investors that included D1 Capital Partners and Tiger Global Management. OneStream stated at the time that it intended to go public later.KKR loses managing director in Singapore | AVCJ

According to the sources, the software company's valuation is likely to roughly treble when it goes public in 2022.

The sources, who asked to remain anonymous because the talks were private, emphasized that the deal's timing and magnitude were subject to market conditions and could change.

Morgan Stanley and KKR did not respond to requests for comment. OneStream did not reply to requests for comment right away.

As businesses sped their digital revolutions and sought methods to make forecasting and financial planning more efficient during the pandemic, demand for software technologies developed by companies like OneStream soared.

In the first half of 2021, OneStream's annual recurring revenue (ARR), a key indicator for software companies, doubled.

OneStream, which was founded in 2010, assists CFOs in preparing and reporting financial statements to authorities and investors. The company claims on its website that it also assists organizations with planning, budgeting, and forecasting, among other things.

Toyota Motor, United Parcel Service, News Corporation, and General Dynamics are among its notable customers. In 2019, KKR purchased a majority share in OneStream for approximately $1 billion.