Clearwater Analytics, Permira, Warburg Pincus, Francisco Partners and Temasek have agreed a transaction that will see Clearwater Analytics taken private in a deal valued at approximately $8.4bn.
The acquisition is designed to support Clearwater Analytics’ next phase of growth as a private company, giving it greater flexibility to invest in product development, platform integration and advanced technologies.
Under the terms of the agreement, Clearwater Analytics shareholders will receive $24.55 per share in cash, representing a premium of around 47% over the company’s undisturbed share price on 10 November 2025, the last trading day before media reports of a potential transaction. The deal was unanimously recommended by a special committee of independent directors and subsequently approved by the board.
Clearwater Analytics provides cloud-native investment accounting, reporting and analytics solutions to institutional investors, asset managers and insurers. Its platform is designed to deliver real-time data, risk analytics and performance insights across complex portfolios, helping clients manage public and private market investments with greater transparency and efficiency. The company has positioned itself as a modern alternative to legacy investment accounting systems.
Permira and Warburg Pincus will jointly lead the investor group acquiring the company, bringing experience in scaling global technology and FinTech businesses. Francisco Partners is supporting the transaction, reflecting its long-standing focus on data, analytics and financial software, while Temasek’s participation adds a long-term global investment perspective.
As part of its strategy following the acquisition, Clearwater Analytics plans to continue building an open, modular, front-to-back platform for institutional investment management. The company has highlighted its intention to integrate industry-leading solutions, including Enfusion and Beacon, while expanding its capabilities across alternative assets, risk analytics and AI-driven, agentic solutions powered by its proprietary data.
The transaction follows a comprehensive review process by Clearwater Analytics’ board, including engagement with strategic and financial sponsors, supported by independent legal and financial advisers. Once completed, the deal will see the company transition from the public markets to private ownership, while continuing to serve clients across the US, Europe and other global markets.
“This deal represents a great outcome for Clearwater Analytics and our stockholders,” said Clearwater Analytics CEO Sandeep Sahai, “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.”
“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,” said Warburg Pincus managing director Alex Stratoudakis.
“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,” said Permira partner Andrew Young.
“The quality of Clearwater Analytics’ business and strength of its team are evident in the company’s growing leadership,” said Francisco Partners partner Ashley Evans.
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