Clearwater Analytics goes private in $8.4 billion deal
Stockholders received $24.55 a share, a 47% premium over the November 2025 undisturbed price.
The investment-accounting software provider Clearwater Analytics Holdings (CWAN) completed its take-private acquisition by Permira and Warburg Pincus, delisting from the New York Stock Exchange after stockholders received $24.55 a share. The $8.4 billion transaction, announced in late 2025, closed in the quarter ended June 25, 2026, marking the end of the company’s public reporting.
The deal capped a year of aggressive expansion for Clearwater, which transformed its platform through a series of acquisitions totaling roughly $2.2 billion. In the first half of 2025 alone, the company acquired Enfusion for $1.5 billion, Beacon for $560 million, and Blackstone’s Bistro platform for $125 million, shifting its strategy from organic growth to rapid consolidation. The Enfusion deal, finalized in early 2025, expanded Clearwater’s international footprint, with 38% of Enfusion’s revenue derived from Europe and Asia.
Clearwater’s platform now processes over $10 trillion in assets globally, up from $8.8 trillion in the prior quarter, reflecting both acquisitions and client growth. The company disclosed plans to fund its M&A spree through an $800 million Term Loan B, cash on hand, and a $200 million revolving credit facility. A new strategic vision emerged in mid-2025, aiming to create a single security master and unified data plane across all asset classes.
With the take-private transaction complete, Clearwater no longer discloses financial metrics such as revenue or earnings. The company’s focus now turns to integrating its recent acquisitions and executing its expanded platform strategy outside the public markets.