Clearwater Analytics (NYSE: CWAN), a provider of cloud-native investment management solutions, announced it has entered into a definitive agreement to be acquired for approximately $8.4 billion by an Investor Group led by Permira and Warburg Pincus, with participation from Temasek and support from Francisco Partners.
Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash. This price represents a premium of approximately 47 percent over CWAN’s undisturbed share price as of November 10, 2025, the last trading day prior to media reports regarding a potential transaction. The acquisition was unanimously recommended by a Special Committee of CWAN’s Board of Directors, composed of independent and disinterested directors, and subsequently approved by the full Board.
Sandeep Sahai, CEO of CWAN, stated that the deal represents a significant outcome for the company and its stockholders, positioning Clearwater Analytics for its next chapter of growth. Sahai indicated that operating as a private company will enable bold investments to integrate platforms, aiming to deliver a next-generation front-to-back solution. This solution will natively address alternative assets, provide industry-leading risk analytics, and offer agentic solutions powered by CWAN’s proprietary database, serving clients across global markets.
Sahai also noted that Permira and Warburg Pincus were selected due to their understanding of CWAN’s business and the technology industry, along with their proven track records in fostering growth for large and rapidly expanding technology businesses globally. He expressed anticipation for building on current momentum and delivering advanced solutions.
Alex Stratoudakis, Managing Director at Warburg Pincus, commented on Clearwater Analytics’ industry standards and expressed enthusiasm for investing in the vision of creating an open, modular, front-to-back platform for institutional investment management. Angel Pu Shum, Principal at Warburg Pincus, added that the firm looks forward to leveraging its financial technology expertise in partnership with Permira and the CWAN team to drive innovation and growth.
Andrew Young, Partner at Permira, highlighted CWAN’s development of a single-instance, multi-tenant platform for investment accounting in an industry traditionally dominated by legacy systems. He affirmed the vision for the platform, including continued investment in a front-to-back solution by integrating industry-leading solutions from Enfusion and Beacon. Young also projected that the next cycle would be shaped by AI and data, positioning CWAN to lead through this transformation. Alberto Riva, Managing Director at Permira, reiterated support for CEO Sandeep Sahai and his team in their AI initiatives and the delivery of a seamlessly integrated platform.
Ashley Evans, Partner at Francisco Partners, observed that the quality of Clearwater Analytics’ business and the strength of its team are evident in its expanding leadership. He noted the company’s growth in serving institutional investors across the US and Europe, and its increasing delivery of front-to-back solutions. Francisco Partners looks forward to collaborating with Warburg Pincus and Permira to facilitate CWAN’s next growth phase.
Clearwater Analytics will continue its operations as usual during the transaction’s pendency. The acquisition is subject to approval by CWAN’s stockholders, including a majority of votes cast by disinterested stockholders, and customary regulatory approvals. The transaction is expected to close in the first half of 2026. Upon completion, CWAN’s common stock will be delisted from the New York Stock Exchange, and the company will become privately held.
The merger agreement includes a “go-shop” period extending until January 23, 2026, with a potential 10-day extension for certain parties submitting alternative proposals during this initial period.
Clearwater Analytics, trading on NYSE as CWAN, specializes in a cloud-native platform for institutional investors across global public and private markets. Its single-instance, multi-tenant architecture provides real-time data and AI-driven insights across the investment lifecycle, integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics. The platform supports over $10 trillion in assets globally, serving insurers, asset managers, hedge funds, banks, corporations, and governments.
