Clearwater Analytics Holdings, Inc. (CWAN)

Clearwater Analytics provides cloud-based software for investment accounting, data aggregation, reconciliation, performance measurement, compliance monitoring, and risk reporting. It is headquartered in Boise, Idaho, and its platform serves insurers, asset managers, corporations, institutional investors, and government entities. Its core offering, Clearwater Prism, brings together data from custodians, brokers, and other sources into a unified view of holdings.

The business was founded in Boise in the mid-2000s and grew by selling subscriptions to insurance companies and asset managers, which needed accurate daily accounting for large fixed-income portfolios. Over time it expanded from fixed income to cover public and private assets, including alternatives and derivatives. The company said its clients managed more than $10 trillion in assets on the platform.

Clearwater Analytics Holdings, Inc. completed its initial public offering and listed its Class A common stock on the New York Stock Exchange under the symbol CWAN in September 2021. Sandeep Sahai served as chief executive officer. The company used an Up-C structure at listing, with legacy owners holding units in an operating partnership, which was later simplified.

In January 2025 the company announced the acquisitions of Enfusion, a cloud-based portfolio and order management provider for hedge funds and asset managers, and Beacon, a provider of risk and analytics technology. These deals broadened Clearwater from investment accounting into front-office and risk capabilities and expanded its customer base among asset managers and hedge funds.

In November 2025, media reports indicated that the company was exploring a possible sale following interest from private equity investors. The company then agreed to be acquired by an investor group led by Permira and Warburg Pincus, supported by Francisco Partners, with participation from Temasek, for $24.55 per share in cash. The price represented about a 47 percent premium to the undisturbed share price on November 10, 2025.

A special committee of independent and disinterested directors unanimously recommended the transaction, and the board approved it. Stockholders approved it, including a majority of the votes cast by disinterested holders. Goldman Sachs Alternatives' private credit group provided fully committed debt financing for the deal, which was valued at about $8.4 billion.

The acquisition closed on June 25, 2026. Each share of Class A common stock was converted into the right to receive $24.55 in cash, and the shares ceased to trade on the NYSE. Clearwater continued to operate under Sandeep Sahai as a privately held company, with the new owners stating that private ownership would support investment in its AI and agentic platform roadmap.