Clearwater Analytics to be acquired for $8.4 Billion by Permira and Warburg Pincus, with support from Francisco Partners and Temasek

Clearwater Analytics to be Acquired in $8.4 Billion Deal Led by Permira and Warburg Pincus

Clearwater Analytics (NYSE: CWAN), a prominent player in cloud-native investment management solutions, announced today it has entered into a definitive agreement to be acquired by an investor group led by Permira and Warburg Pincus, with participation from Temasek. The transaction is valued at approximately $8.4 billion. Francisco Partners is also providing key support to the investor group.

This significant deal, which saw a Special Committee of Clearwater Analytics’ Board of Directors, comprised solely of independent directors, unanimously recommend the transaction following advice from its independent legal and financial advisors, signals a new chapter for the company. The Clearwater Analytics Board of Directors subsequently approved the agreement.

Under the terms of the agreement, Clearwater Analytics shareholders will receive $24.55 in cash per share. This represents a substantial premium of approximately 47% over the company’s undisturbed share price as of November 10, 2025, the last trading day before market speculation regarding a potential transaction emerged.

Sandeep Sahai, CEO of Clearwater Analytics, expressed enthusiasm about the acquisition, stating, “This deal represents a great outcome for Clearwater Analytics and our stockholders. It also positions us well for our next chapter of growth. 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 alternative assets, provides industry-leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database. This will allow us to continue delighting our clients across global markets. We are thrilled to have the support of Permira and Warburg Pincus.”

Sahai further emphasized the strategic alignment with the acquiring firms: “Both firms understand our business and the technology industry and have proven track records fostering growth for some of the largest and fastest-growing technology businesses globally. We look forward to building on our momentum and delivering advanced solutions for our clients and partners in the years ahead. I want to thank the Special Committee for the rigorous process and diligence with which they secured this outcome for our stockholders.”

The move to a private company is expected to accelerate Clearwater Analytics’ strategic vision. Warburg Pincus, through Managing Director Alex Stratoudakis and Principal Angel Pu Shum, highlighted their excitement to “invest behind the vision of creating an open, modular, front-to-back platform for institutional investment management” and leverage their “deep financial technology expertise” to drive innovation.

Permira, with insights from Partner Andrew Young and Managing Director Alberto Riva, sees the acquisition as a catalyst for building a true front-to-back solution by integrating leading solutions from Enfusion and Beacon. They believe Clearwater Analytics is uniquely positioned to lead in the next cycle shaped by AI and data, stating, “We are excited about the vision for the platform and will continue to invest in building a true front-to-back solution… we believe the business is uniquely positioned to continue to lead through this shift.” They also expressed eagerness to “back Sandeep and his team on their AI journey and in delivering a seamlessly integrated platform.”

Francisco Partners, represented by Partner Ashley Evans, acknowledged the quality of Clearwater Analytics’ business and team, noting its “growing leadership as it serves expanding segments of institutional investors across the US and Europe and, increasingly, delivers front-to-back solutions to these customers.”

Clearwater Analytics will continue its operations without interruption during the pendency of the transaction, maintaining its commitment to clients, employees, and partners. The acquisition is anticipated to close in the first half of 2026, subject to customary closing conditions, including stockholder approval and regulatory clearances. Upon completion, Clearwater Analytics will cease to be a publicly traded company on the New York Stock Exchange.

A “go-shop” period, during which Clearwater Analytics can actively solicit superior acquisition proposals, will conclude on January 23, 2026, with a potential for a 10-day extension. The company reserves the right to terminate the agreement under specific conditions if a superior proposal emerges.

Financial and legal advisors played key roles in the transaction. PJT Partners served as exclusive financial advisor, and Cravath, Swaine & Moore LLP as legal counsel, to the Special Committee. J.P. Morgan acted as exclusive financial advisor, and Kirkland & Ellis LLP as legal counsel, to Clearwater Analytics. Goldman Sachs & Co. LLC advised the Investor Group on financial matters, with Private Credit at Goldman Sachs Alternatives providing committed debt financing. Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided M&A and finance counsel, respectively, to the Investor Group.

**About Clearwater Analytics**
Clearwater Analytics operates a cloud-native platform transforming investment management for institutional investors across global public and private markets. Its single-instance, multi-tenant architecture aims to eliminate data silos by integrating portfolio management, trading, accounting, reconciliation, reporting, performance, compliance, and risk analytics. The platform supports over $10 trillion in assets globally for insurers, asset managers, hedge funds, banks, corporations, and governments.

**About Permira**
Permira is a global investment firm focused on backing businesses with growth ambitions. It manages funds across private equity and credit, with a focus on long-term Buyout and Growth Equity investments in Technology, Consumer, Healthcare, and Services. Permira has a global presence with over 500 employees across 17 offices.

**About Warburg Pincus**
Warburg Pincus is a growth-stage investor with a flexible, partnership-driven approach. The firm manages over $85 billion in assets and invests across a diversified portfolio of companies in sectors including SaaS, data, fintech, and insurance.

**About Francisco Partners**
Francisco Partners is a leading global investment firm specializing in technology and technology-enabled businesses. With over 25 years of experience and $50 billion in capital raised, the firm focuses on leveraging its deep sectoral knowledge and operational expertise to help companies achieve their full potential.

**About Temasek**
Temasek is a global investment company headquartered in Singapore with a net portfolio value of $324 billion as of March 31, 2025. Its purpose is to make a difference for present and future generations by building a resilient and forward-looking portfolio.