---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-087277"
form_type: "8-K"
ticker: "CWAN"
cik: "0001866368"
company_name: "Clearwater Analytics Holdings, Inc."
filed_at: "2025-04-21T23:59:59+00:00"
generated_at: "2026-05-23T10:37:04.344072+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Clearwater completes $1.5B acquisition of Enfusion, unifies front-to-back investment platform

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-087277
- form_type: 8-K
- ticker: CWAN
- cik: 0001866368
- company_name: Clearwater Analytics Holdings, Inc.
- filed_at: 2025-04-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866368/000119312525087277/0001193125-25-087277-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866368/000119312525087277/d926858d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-087277
- JSON: https://secwatch.observer/filing/0001193125-25-087277.json
- Plain text: https://secwatch.observer/filing/0001193125-25-087277.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866368/000119312525087277/0001193125-25-087277-index.htm

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