Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 127

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 127
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 in the Public Market. The Special Committee considered the current and historical market                                                                                                                                     
 prices, volatility and trading information with respect to shares of Enfusion Common Stock, including the fact that the Merger Consideration valued at $11.25 per share of Enfusion Common Stock represented a 31.6% premium to Enfusion’s    
 unaffected closing stock price of $8.55 per share on September 19, 2024, the last full trading day prior to Reuters publishing an article stating that Enfusion was in talks with investment bankers to evaluate options that could include a 
 potential sale.                                                                                                                                                                                                                               |

| • |     | The Per Share Price Was the Product of an Extensive Sales Process. The Special Committee considered that                                                                                         
 it had conducted an extensive process with the assistance of its advisors. Specifically, among other things, the Special Committee considered (not necessarily in order of relative importance): |

| • |     | the fact that the Special Committee had engaged in discussions with 40 counterparties, including 21 financial 
 sponsors and 19 strategic parties;                                                                            |

| • |     | the fact that only two potential acquirors (Clearwater and the Party E Consortium) submitted a proposal in the                                                                                                                                           
 second round of the bid process for an acquisition of Enfusion (and that other interested parties were given significant opportunity to make a proposal to acquire Enfusion) and that the Clearwater proposal would provide greater value than the Party 
 E Consortium proposal;                                                                                                                                                                                                                                   |

| • |     | the fact that, other than Clearwater and the Party E Consortium, the potential counterparties that submitted                                                               
 initial indications of interest all either materially reduced their offer price and/or withdrew from or declined to proceed in the process after conducting due diligence; |

| • |     | that Enfusion had been involved in discussions over a number of months with various parties and none other than 
 Clearwater and the Party E Consortium had resulted in a proposal with comparable terms;                         |

| • |     | that, should any alternative potential counterparty be interested in pursuing a transaction on terms more 
 favorable to Enfusion and Enfusion Stockholders than the Transactions, such counterparty                  |

79

| would be able to pursue such an offer under the terms of the Merger Agreement, and the Special Committee would be able to respond to and accept such an offer if the offer is a Superior Proposal; |

| • |     | the fact that the Merger Consideration was the result of extensive and                                                                                                                                 
 arm’s-length negotiations, and