Clearwater Analytics acquires Beacon for ~$560M and Bistro from Blackstone for $125M

Clearwater Analytics Holdings, Inc.

Beacon acquisition: ~$560M total (60% cash, 40% stock at $30.05/share); Beacon had $44M ARR in 2024.
Bistro acquisition: $125M from Blackstone ($10M cash, rest stock at $30/share); portfolio visualization platform.
Funding via $800M Term Loan B, cash on hand, and $200M revolver; also includes prior Enfusion acquisition.
Deals aim to create a unified front-to-back platform spanning public/private markets, data, risk, and execution.
PIMCO, an existing Beacon strategic partner and investor, will continue to collaborate on the platform.

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