Clearwater Analytics Acquisition: $8.4 Billion Deal Announced

clearwater Analytics to be Acquired for $8.4 Billion by Permira and Warburg Pincus

Clearwater Analytics, a leading provider of risk management and investment accounting solutions, is set to be acquired by private equity firms Permira and Warburg Pincus for a staggering $8.4 billion. The deal, announced on Sunday, also includes support from Francisco Partners and participation from Temasek, a global investment company.

The acquisition will see existing shareholders of Clearwater Analytics, including Vista Equity Partners, benefit from the substantial investment.vista initially acquired Clearwater in 2016 and has overseen significant growth in the company’s client base and product offerings.

Clearwater analytics serves over 1,600 clients globally, including some of the world’s largest insurance companies, asset managers, and banks. Its cloud-based platform provides complete data aggregation,risk analytics,and regulatory reporting capabilities.

Permira and Warburg Pincus were drawn to Clearwater’s strong market position, recurring revenue model, and potential for further expansion. They plan to leverage their expertise and resources to accelerate the company’s growth trajectory and enhance its technology platform.

“Clearwater Analytics has established itself as a critical infrastructure provider for the financial services industry,” said Ryan Lanham, Partner at Permira.”We are impressed by the company’s innovative technology, strong client relationships, and talented team.”

“We see significant opportunities to further scale Clearwater Analytics and expand its capabilities,” added Michael Schaus, Managing Director at Warburg Pincus. “We are excited to partner with the company’s management team and Permira to drive the next phase of growth.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2026. Financial advisors to Clearwater Analytics included Goldman Sachs and J.P. Morgan, while Permira and Warburg Pincus were advised by Morgan Stanley.

clearwater Analytics to be Acquired for $8.4 Billion by Permira and Warburg Pincus

Private equity firms Permira and Warburg Pincus have agreed to acquire Clearwater Analytics for $8.4 billion, backed by Francisco Partners and with participation from Temasek.

The deal will see Clearwater Analytics, a leading provider of risk analytics and performance reporting solutions for the investment industry, transition to private ownership. Francisco Partners, which initially invested in Clearwater in 2016, will remain a significant investor.

The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2024.

Clearwater Analytics to be Acquired for $8.4 Billion by Permira and Warburg Pincus-Led Investor Group

Clearwater analytics (NYSE: CWAN) has entered into a definitive agreement to be acquired by an Investor Group led by Permira and Warburg Pincus, with participation from Temasek and key support from Francisco Partners, in a transaction valued at approximately $8.4 billion.

Following a comprehensive evaluation process, the Special Commitee of the CWAN Board of Directors unanimously recommended the transaction, which was subsequently approved by the full board.CWAN stockholders will receive $24.55 per share in cash, representing a roughly 47% premium over the company’s undisturbed share price as of November 10, 2025.

“This deal represents a great outcome for Clearwater Analytics and our stockholders,” stated Sandeep Sahai, CEO of CWAN. “operating as a private company will empower us to invest boldly as we integrate the platforms to deliver a next-generation front-to-back solution that natively addresses option assets, provides industry leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database.”

Alex Stratoudakis, Managing Director at Warburg Pincus, commented, “Clearwater Analytics continues to set the standard for excellence in the industry, and we are excited to invest behind the vision of creating an open, modular, front-to-back platform for institutional investment management.”

Andrew Young, Partner at Permira, added, “Clearwater Analytics built a single instance, multi-tenant platform for investment accounting in an industry that was and continues to be dominated by legacy solutions. We are excited about the vision for the platform and will continue to invest in building a true front-to-back solution by integrating the industry-leading solutions from enfusion and Beacon.”

The acquisition is expected to fuel Clearwater Analytics’ growth and innovation in the institutional investment management space, especially in areas like alternative assets, risk analytics, and AI-powered solutions.

About Permira

The Permira private equity funds make both long-term Buyout and Growth Equity investments in four key sectors: Technology, Consumer, healthcare and Services. The Permira funds have previously supported and helped scale some of the largest and fastest-growing technology businesses globally, including Genesys, TeamViewer, Zendesk, McAfee, Mimecast, Octus, Informatica, klarna, Magento, teraco, and others.

Permira employs over 500 people in 17 offices across Europe, the United States, the Middle east and Asia. For more information, visit www.permira.com.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing.A private partnership sence 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies. the firm is an active investor in the SaaS, data, fintech and insurance sectors globally, with notable investments, including Arch Insurance, Avalara, Avaloq, Beacon, FIS, Interactive Data Corporation (IDC), IntraFi, Primerica, Reorg Research, Sagent, Varo Money, and Wall Street Systems, among others.

The firm is headquartered in New York with more than 15 offices globally.For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can definitely help

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could affect these results include: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction by the Company’s stockholders; (iii) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction, including in circumstances which would require the Company to pay a termination fee; (v) the effect of the announcement or pendency of the proposed transaction on the Company’s ability to attract, motivate or retain key executives and associates, its ability to maintain relationships with its customers, vendors, service providers and others with whom it does buisness, or its operating results and business generally; (vi) risks related to the proposed transaction diverting management’s attention from the Company’s ongoing business operations; (vii) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (viii) certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (ix) risks that the anticipated benefits of the proposed transaction are not realized when and as expected; (x) the availability of capital and financing and rating agency actions in connection with the proposed transaction (xi) other risks and uncertainties detailed in the Company’s periodic public filings with the SEC, including but not limited to those discussed under “risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 26, 2025 (as amended by Amendment No. 1 thereto, filed with the SEC on March 7, 2025), and in other periodic reports filed by the Company with the SEC. These filings are available at www.sec.gov and on the company’s website.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing the company’s expectations or beliefs as of any date subsequent to the time they are made. The Company does not undertake to and specifically declines any obligation to update any forward-looking statements that may be made from time to time by or on behalf of the Company.

Additional Information and Where to Find it

This dialog may be deemed to be solicitation material in respect of the proposed acquisition of the Company by the Investor Group. In connection with the proposed transaction, the Company intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including the Company’s proxy statement on Schedule 14A in preliminary and definitive form for its special meeting of stockholders to approve the proposed transaction, and may file

CWAN Investment Group Launches with $300 Million in Commitments from Warburg Pincus and Temasek

CWAN Investment Group has launched with $300 million in commitments from Warburg Pincus and Temasek. The new platform will focus on growth equity investments in Southeast Asia and India, targeting companies in the consumer, financial services, and healthcare sectors.

CWAN’s team is led by Sumeet Anand, formerly a managing Director at Warburg Pincus, and will leverage the expertise and networks of both Warburg Pincus and Temasek to identify and support high-potential businesses. The firm aims to partner with entrepreneurs and management teams to accelerate growth and create long-term value.

“We are excited to partner with Warburg Pincus and Temasek to build CWAN,” said Sumeet Anand. “Southeast Asia and India represent compelling growth opportunities, and we believe CWAN is well-positioned to capitalize on these trends.”

The launch of CWAN reflects the increasing investor interest in the dynamic economies of Southeast Asia and India. With a dedicated focus and substantial capital backing, CWAN is poised to become a significant player in the region’s growth equity landscape.

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