Clearwater Analytics, a comprehensive technology platform for investment management, announced the completion of its acquisition of Enfusion, a leader in software-as-a-service (SaaS) solutions for the investment management and hedge fund sectors, in a deal valued at about $1.5 billion.
This strategic combination positions Clearwater as the industry’s first single-instance, multi-tenant, cloud-native platform to unify front, middle, and back-office investment operations. And by integrating portfolio and order management, IBOR, risk, accounting, and client reporting into one seamless solution, Clearwater is replacing the fragmented legacy model with a modern platform that empowers faster decision-making and operational clarity across asset classes and geographies.
Institutional investors like asset managers, insurers, pensions, endowments, and sovereign funds face a lot of complexity across portfolios, geographies, and asset classes. Many still rely on outdated systems that silo data and delay insight. The expanded Clearwater platform will address these challenges by offering:
— Seamless integration across front, middle, and back-office workflows
— A single security master and data model for consistent, real-time views of positions, performance, and risk
— An open architecture that connects to a growing ecosystem of partners and capabilities
Clearwater’s growth in asset management is expected to accelerate, with Enfusion’s strength in the hedge fund space and the ability to integrate Enfusion’s front office capabilities with Clearwater’s middle and back office. And this will enhance a meaningful expansion of Clearwater’s Total Addressable Market.
This acquisition also significantly expands Clearwater’s international presence. Enfusion generates 38% of its revenue from Europe and Asia, supported by strong teams in London, Mumbai, Bangalore, Singapore, and Hong Kong. And Clearwater will now serve clients from key global hubs including Boise, New York, Edinburgh, and New Delhi, providing localized support and delivery at scale.
This announcement follows Clearwater’s recent acquisition of Blackstone’s BISTRO platform, which added deep analytics and data infrastructure for private and structured credit markets. And Clearwater also previously announced its intent to acquire Beacon, a provider of enterprise risk analytics and technology infrastructure. That transaction is expected to close in the coming weeks, further enhancing Clearwater’s ability to support complex, cross-asset strategies with institutional-grade analytics.
Advisors: J.P. Morgan Securities served as financial advisor to Clearwater Analytics, and JPMorgan Chase Bank provided committed financing for the transaction. Kirkland & Ellis served as legal advisor to Clearwater Analytics. And Goldman Sachs served as exclusive financial advisor to Enfusion’s Special Committee. Dechert served as legal advisor to the Special Committee, and Goodwin Procter served as legal counsel to Enfusion.
KEY QUOTES:
“The close of the Enfusion acquisition marks a major milestone—not just for Clearwater, but for the entire investment management industry. By combining Enfusion’s strong front-office capabilities with our established middle and back-office solutions, we are accelerating our journey towards a fully integrated, cloud-native front-to-back investment management platform. This combination will eliminate costly data handoffs and inefficiencies stemming from fragmented workflows, empowering our clients to make faster, data-driven decisions with complete confidence in their data.”
- Sandeep Sahai, Chief Executive Officer of Clearwater Analytics
“I’m immensely proud of what the Enfusion team has achieved and the shareholder value we delivered. Enfusion’s focus on innovation and client requirements created a world-class disruptive technology platform, fundamentally changing how our clients execute their operational workflows, implement investment strategies, manage portfolios, and optimize data insights. By joining forces with Clearwater, we’re opening up amazing possibilities for the next wave of innovation in investment technology. I couldn’t be more optimistic about how this combination will benefit our clients and transform the industry.”
- Oleg Movchan, former CEO of Enfusion
“Enfusion adds proven front-office depth to the Clearwater platform, giving our clients real-time access to portfolio and order management, IBOR, risk, and reporting—all in one system. The operational benefits are immediate: no batch processing, no manual reconciliation, and no duplication of data. Clients now have a shared, live view of their portfolios and operations—enabling faster execution, stronger risk oversight, and a platform that evolves with them. This is the new foundation for institutional investment technology and operations.”
• ⁃ Neal Pawar, President, Head of Asset Management at Clearwater Analytics and former Chief Operating Officer at Enfusion
