Clearwater Analytics Holdings, Inc. (CWAN): M&A transaction — Clearwater completes $1.5B acquisition of Enfusion, unifies front-to-back investment platform

Clearwater Analytics Holdings, Inc.

Acquisition valued at ~$1.5B; Enfusion holders receive $10.87/share (cash) or 0.4676 CWAN shares, subject to proration (52% cash/48% stock).
Clearwater secures new $800M term loan and $200M revolver from JPMorgan-led syndicate to fund deal and refinance existing debt.
Deal creates first single-instance, cloud-native platform for front, middle, and back-office investment operations, eliminating fragmented workflows.
Enfusion contributes 38% of revenue from Europe/Asia; Clearwater expands global footprint to 7 hubs including London, Mumbai, and Singapore.
Clearwater's earlier acquisition of BISTRO (private credit analytics) and pending Beacon acquisition further broaden platform capabilities.

item 1.01 item 1.02 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Clearwater Analytics Holdings, Inc. incurred credit facility of Initial Term Loans in an aggregate principal amount equal to $800 million and Revolving Commitments in an aggregate prin with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at based upon, at the Borrower’s option, the Term SOFR or the Alternate Base Rate, maturing Initial Term Loans will mature seven years after the Closing Date and the Revolving Commitments will terminate five years after the Closing Date.

Instrument: credit facility
Principal: Initial Term Loans in an aggregate principal amount equal to $800 million and Revolving Commitments in an aggregate prin
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: based upon, at the Borrower’s option, the Term SOFR or the Alternate Base Rate,
Maturity: Initial Term Loans will mature seven years after the Closing Date and the Revolving Commitments will terminate five years after the Closing Date
Event: incurrence

Exact text from the filing

to such terms in the Credit Agreement. Pursuant to the Credit Agreement, the Lenders have provided to the Borrower Initial Term Loans in an aggregate principal amount equal to $800 million and Revolving Commitments in an aggregate principal amount of $200 million, which includes a $20 million Letter of Credit and $20 million of Swingline Loans. The Initial Term

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Clearwater Analytics Holdings, Inc. completed an acquisition involving Enfusion, Inc. for $1,412,840,049.03 (closed 2025-04-21).

Action: acquisition
Counterparty: Enfusion, Inc.
Consideration: $1,412,840,049.03
Closing: 2025-04-21

Exact text from the filing

to the Closing Date, was $23.2440, which was less than $25.0133, (w) the Per Share Parent Stock Amount was deemed to be 0.2159, (x) the Aggregate Consideration was equal to $1,412,840,049.03, (y) the Aggregate Consideration Per Share was equal to $10.87 and (z) the Exchange Ratio was 0.4676. As the Per Share Cash Consideration option was oversubscribed, such election

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Clearwater Analytics Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-087277

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