Clearwater Analytics

CWAN

Market cap $6.46B

The portfolio generated a modestly positive absolute return in Q3, but it trailed the MSCI All Country World Small Mid Index. The Q3 underperformance was driven by stock selection in the IT, financials and consumer discretionary sectors. On the positive side, stock selection in the health care and industrials sectors was the strongest contributor to performance.

Private equity firm Thoma Bravo has made an offer to acquire Clearwater Analytics , people familiar with the matter said on Monday.

Global private equity firms Warburg Pincus and Permira are in talks to buy investment and accounting software maker Clearwater Analytics , a source familiar with the matter told Reuters on Friday.

Clearwater Analytics is rated Hold due to strong integration progress but concerns over slowing core business growth. CWAN's Q3 2025 revenue rose 77% year-over-year, driven by acquisitions, with core business growing ~21% and Enfusion outperforming expectations. Positive factors include robust cross-sell momentum and stabilizing Enfusion growth, but NRR decline and organic ARR deceleration remain key risks.

According to a media report, it's currently contemplating a sale. The company has been doing well lately, implying a potential premium to its current value.

BOISE, Idaho & NEW YORK & CHICAGO & LONDON & HONG KONG--(BUSINESS WIRE)--Clearwater Analytics (NYSE: CWAN), the most comprehensive technology platform for investment management, today released industry research revealing that alternative investments have fundamentally transformed from a fringe strategy to a portfolio cornerstone, now comprising nearly one-third of the US insurance industry's assets – representing approximately $2.7 trillion – as insurers abandon traditional portfolio strategies.

Clearwater Analytics is rated a Strong Buy, trading at a discount despite robust SaaS-driven growth and successful Enfusion integration. The Enfusion acquisition doubled CWAN's total addressable market, enhanced platform capabilities, and improved revenue visibility with a 98% retention rate. CWAN's scalable SaaS model, strong EBITDA, and aggressive debt paydown strategy mitigate concerns over its $800 million debt load.

Clearwater Analytics Holdings, Inc. remains a Buy as integration of acquisitions strengthens its SaaS platform and expands its end-to-end investment management capabilities. CWAN's growth strategy focuses on international expansion, product cross-selling, and targeting complex, regulated segments with high barriers to entry. Despite a 47% stock price drop and analyst concerns over integration risk, CWAN maintains strong revenue growth and a robust pipeline.

Clearwater Analytics Holdings, Inc. ( CWAN ) Q3 2025 Earnings Call November 5, 2025 5:00 PM EST Company Participants Kamil Mielczarek Sandeep Sahai - CEO & Director James Cox - Chief Financial Officer Conference Call Participants Dylan Becker - William Blair & Company L.L.C., Research Division Alexei Gogolev - JPMorgan Chase & Co, Research Division Michael Infante - Morgan Stanley, Research Division Peter Heckmann - D.A.

Clearwater Analytics (CWAN) came out with quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.12 per share a year ago.