---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-052444"
form_type: "8-K"
ticker: "CWAN"
cik: "0001866368"
company_name: "Clearwater Analytics Holdings, Inc."
filed_at: "2025-03-12T23:59:59+00:00"
generated_at: "2026-05-24T22:44:25.839488+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-052444
- form_type: 8-K
- ticker: CWAN
- cik: 0001866368
- company_name: Clearwater Analytics Holdings, Inc.
- filed_at: 2025-03-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866368/000119312525052444/0001193125-25-052444-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866368/000119312525052444/d853519d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-052444
- JSON: https://secwatch.observer/filing/0001193125-25-052444.json
- Plain text: https://secwatch.observer/filing/0001193125-25-052444.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.