Clearwater Analytics said it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, with participation from Temasek and support from Francisco Partners. The Boise, Idaho-based company said the deal follows a review that included engagement with certain strategic parties and financial sponsors.
Under the terms of the agreement, Clearwater Analytics stockholders will receive $24.55 per share in cash at closing. The company said the offer represents a premium of approximately 47 percent over Clearwater Analytics’ undisturbed share price as of November 10, 2025, which it identified as the last trading day before media reports of a potential transaction.
Clearwater Analytics said a special committee of the board, composed entirely of independent and disinterested directors, unanimously recommended the transaction after receiving advice from its independent outside legal counsel and financial advisor. The full board subsequently approved the merger agreement.
The company said it will continue to operate as usual while the transaction is pending and will maintain its current commitments to clients, employees, and partners. If the transaction closes, Clearwater Analytics’ common stock will no longer be listed on the New York Stock Exchange, and the company will become privately held.
Clearwater Analytics said the acquisition is subject to stockholder approval, including approval by a majority of votes cast by disinterested stockholders, and is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.
Support: On the financing side, the company said Goldman Sachs is serving as financial advisor to the investor group and that Private Credit at Goldman Sachs Alternatives is providing fully committed debt financing for the transaction. Clearwater Analytics also detailed advisory roles tied to the deal process, including PJT Partners and Cravath, Swaine & Moore advising the board’s special committee, and J.P. Morgan and Kirkland and Ellis advising Clearwater Analytics.
KEY QUOTES:
“This deal represents a great outcome for Clearwater Analytics and our stockholders. It also positions us well for our next chapter of growth. Operating as a private company will empower us to invest boldly as we integrate the platforms to deliver a next-generation front-to-back solution that natively addresses alternative assets, provides industry leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database. This will allow us to continue delighting our clients across global markets. We are thrilled to have the support of Permira and Warburg Pincus.”
“Both firms understand our business and the technology industry and have proven track records fostering growth for some of the largest and fastest-growing technology businesses globally. We look forward to building on our momentum and delivering advanced solutions for our clients and partners in the years ahead. I want to thank the Special Committee for the rigorous process and diligence with which they secured this outcome for our stockholders,”
Sandeep Sahai, CEO, CWAN
“Clearwater Analytics continues to set the standard for excellence in the industry, and we are excited to invest behind the vision of creating an open, modular, front-to-back platform for institutional investment management.”
Alex Stratoudakis, Managing Director, Warburg Pincus
“We’re excited to leverage our deep financial technology expertise and partner with Permira and the CWAN team to drive the next wave of innovation and growth for the Company,”
Angel Pu Shum, Principal, Warburg Pincus
“Clearwater Analytics built a single instance, multi-tenant platform for investment accounting in an industry that was and continues to be dominated by legacy solutions. We are excited about the vision for the platform and will continue to invest in building a true front-to-back solution by integrating the industry-leading solutions from Enfusion and Beacon. The next cycle will be shaped by AI and data, and we believe the business is uniquely positioned to continue to lead through this shift,”
Andrew Young, Partner At Permira
“We are very excited to back Sandeep and his team on their AI journey and in delivering a seamlessly integrated platform,”
Alberto Riva, Managing Director At Permira
“The quality of Clearwater Analytics’ business and strength of its team are evident in the company’s growing leadership as it serves expanding segments of institutional investors across the US and Europe and, increasingly, delivers front-to-back solutions to these customers. We look forward to partnering with Warburg and Permira to drive the Company’s next phase of growth,”
Ashley Evans, Partner At Francisco Partners
