Company: CWAN
Filing Date: 2025-03-06
Form Type: CORRESP
Source: 0001193125-25-048573
Chunk: 2

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: CORRESP
Chunk 2
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 the Transactions (the “cash/stock election”) does not give rise to a tender offer within the meaning of Sections 14(d) and 14(e) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “Exchange Act”). The Issuer is neither soliciting tenders of shares of Enfusion Class A common stock, nor is it offering to purchase those shares. Rather, the cash/stock election feature in the Transactions is consistent with the election features described in “Situation B” of the Staff’s Interpretations Concerning the Application of Registration Requirements to Certain Tender Offers and the Application of Tender Offer Provisions to Certain Cash-Option Mergers, Release No. 34-14699,dated April 24, 1978 (the “Release”). In the Release, the Staff explained that under the circumstances described in “Situation B” it would not require a tender offer filing so long as the election occurs during the same time period that stockholders are voting on the merger proposal.

Securities and Exchange Commission

Division of Corporation Finance

Office of Technology

March 6, 2025

Page 4

As described more fully below, the period for Enfusion stockholders to make a cash election
is expected to run concurrently with the solicitation of proxies on the Enfusion merger and terminate immediately prior to the Enfusion Special Meeting. The election form will be delivered concurrently with copies of the proxy statement/prospectus
to Enfusion stockholders. As such, Enfusion stockholders may consider the election as part of their investment decision to vote for or against the proposal to adopt the Merger Agreement, and the material risks involved in the election procedure will
have been disclosed to Enfusion stockholders in the proxy statement/prospectus.

The Agreement and Plan of Merger dated as of
January 10, 2025 (the “Merger Agreement”) provides that the Election Deadline will be a date prior to the closing of the transactions to be mutually agreed to by the Company and Enfusion. The parties have mutually agreed that the
Election Deadline will be the close of business on the date that is one business day prior to the Enfusion Special Meeting, and the Company has revised the disclosure on page 4 of the Amended Registration Statement to disclose such Election
Deadline. The Merger Agreement originally allowed the Election Deadline to occur on a to-be-determined date prior to the Effective Time to be mutually agreed upon by