Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 145

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 145
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 of December 31, 2025, 2026 and 2027, by applying a range of EV to next
twelve month (“”) revenue multiples of 3.5x to 5.5x to estimates of revenue for Enfusion, as reflected in the Forecasts, for each of the fiscal years 2026, 2027 and 2028. These illustrative multiples were derived by Goldman Sachs
utilizing its professional judgment and experience, taking into account, among other things, current and historical average EV/NTM revenue multiples for Enfusion and certain selected vertical software companies described in the section below
captioned “—Selected Public Company Comparables”.

Goldman Sachs then added the amount of Enfusion’s net cash as of
December 31, 2025, 2026 and 2027, each as provided by the management of Enfusion and approved for Goldman Sachs’ use by the management of Enfusion, to the range of implied enterprise values to derive a range of illustrative equity values
as of December 31, 2025, 2026 and 2027. Goldman Sachs then divided these implied equity values by the projected number of fully diluted outstanding shares of Enfusion, as provided by management of Enfusion approved for Goldman Sachs’ use
by the Special Committee, as of December 31, 2025, 2026 and 2027, to derive a range of implied future equity values per share of Enfusion Common Stock. Goldman Sachs then discounted these implied equity values per share to September 30,
2024, using an illustrative discount rate of 12.6%, reflecting an estimate of Enfusion’s cost of equity. Goldman Sachs derived such discount rate by application of the CAPM, which requires certain company-specific inputs, including a beta for
Enfusion, as well as certain financial metrics for the United States financial markets generally. This analysis resulted in a range of implied present values per share of Enfusion Common Stock, rounded to the nearest $0.10, of $7.30 to $13.20.

Selected Precedent Transactions Analysis. Goldman Sachs analyzed certain information relating to the following selected transactions in the
electronic technology and technology services industry since 2021. For each of the selected transactions where information was publicly available, Goldman Sachs calculated and compared the implied EV/NTM revenue of the applicable target company
based on the total consideration paid in

92

the transaction as a multiple of the target company’s NTM revenue based