Permira-Led Group Completes $8.4 Billion Take-Private of Clearwater Analytics
The all-cash deal at $24.55 a share positions the investment-management platform to accelerate its AI roadmap away from public-market scrutiny.
**Permira and Warburg Pincus-led investor group completed its all-cash acquisition of Clearwater Analytics Holdings (CWAN) for approximately $8.4 billion**, the companies said Tuesday.
Under the terms of the agreement, Clearwater stockholders received $24.55 per share in cash, representing an approximately 47% premium over the company’s undisturbed share price on November 10, 2025, the last trading day prior to media reports regarding a potential transaction. The transaction, which included participation from Francisco Partners and Temasek, closed following approval by Clearwater’s board and stockholders, including a majority of votes cast by disinterested stockholders.
The deal positions Clearwater to accelerate investment in its AI roadmap and next-generation platform capabilities, leveraging its data foundation to build agentic capabilities for institutional investors globally. Clearwater’s platform, which provides a single, real-time view of assets across public and private markets, supports over $10 trillion in assets for more than 2,500 clients, including leading insurers, asset managers, hedge funds, banks, corporations, and governments.
“We have built Clearwater on a conviction that most of the industry thought was too ambitious: that investment teams deserve a single, real-time view of everything they own, every asset, every day, across every market,” said Sandeep Sahai, CEO of Clearwater Analytics. “Our ability to focus on scaling our current platform while building a Gen AI agentic platform is meaningfully enhanced by going private. Our clients depend upon us to be stewards of the platform they use, and our investments will ensure that they remain at the forefront of technological innovation for running their business.”
Clearwater Analytics has long been a disruptor in the investment-management technology space, offering a cloud-native, single-instance, multi-tenant platform that integrates portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics. The company’s platform aggregates and normalizes data from more than 4,900 daily data feeds and over four million securities, providing clients with real-time insights and configurable reporting. Its recurring revenue model, driven by asset-based fees and high gross revenue retention rates, has consistently delivered predictable financial performance.
The take-private transaction follows a series of strategic acquisitions by Clearwater aimed at expanding its front-to-back platform capabilities. In January 2025, Clearwater acquired Enfusion, a leader in front-office SaaS solutions for investment management, in a $1.5 billion deal that combined cash and stock. The acquisition of Enfusion, which closed in April 2025, positioned Clearwater as the industry’s first unified, cloud-native front-to-back platform for institutional investors. Earlier in 2025, Clearwater also announced plans to acquire Beacon, a provider of enterprise risk analytics, and BISTRO, a platform developed by Blackstone, further enhancing its capabilities in private and structured credit markets.
The completion of the take-private deal removes Clearwater from the public markets, allowing the company to focus on long-term innovation without the pressures of quarterly earnings expectations. The investor group, which includes Permira and Warburg Pincus, brings deep experience in scaling technology businesses, with Permira having supported growth in companies such as Genesys, TeamViewer, and Zendesk, and Warburg Pincus active in SaaS, data, fintech, and insurance sectors. Goldman Sachs provided 100% committed debt financing for the transaction.
With the transaction now complete, Clearwater’s Class A common stock no longer trades on the New York Stock Exchange. The company will operate as a private entity, backed by its new investors, as it pursues its vision of transforming investment management through AI-driven insights and seamless data integration.