Clearwater Analytics (CWAN) has agreed to be acquired by an investor group led by Permira and Warburg Pincus, with participation from Temasek, in a transaction valued at approximately $8.4 billion. The deal also has key support from Francisco Partners.
Following a process that included engagement with strategic and financial sponsors, the independent Special Committee of the CWAN Board, advised by outside legal and financial advisors, unanimously recommended the transaction, which the full Board subsequently approved.
Under the agreement, CWAN stockholders will receive $24.55 per share in cash, representing an approximately 47% premium to CWAN’s undisturbed share price as of November 10, 2025.
Sandeep Sahai, CEO of CWAN, commented, “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.”
Sahai continued, “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.”
Alex Stratoudakis, Managing Director, Warburg Pincus, said, “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”
Angel Pu Shum, Principal, Warburg Pincus, added, “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.”
Andrew Young, Partner at Permira, noted, “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.”
Alberto Riva, Managing Director at Permira, observed, “We are very excited to back Sandeep and his team on their AI journey and in delivering a seamlessly integrated platform.”
Ashley Evans, Partner at Francisco Partners, said, “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.”
