Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 108

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 108
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 sign a definitive
merger agreement.

Later on December 15, 2024, at the direction of the Special Committee, representatives of Goldman Sachs
communicated to representatives of the Party E Consortium that the Party E Consortium December 13 Proposal was inadequate with respect to price and the Special Committee would not be granting the Party E Consortium exclusivity. Representatives
of Goldman Sachs also noted to representatives of the Party E Consortium certain issues raised by its markup of the draft merger agreement.

On December 19, 2024, Clearwater submitted a written non-binding indication of interest to
acquire 100% of the outstanding capital stock of Enfusion for $11.75 per share, approximately 61% of which to be paid in cash and 39% to be paid in Clearwater Common Stock, assuming that Clearwater would pay no more than $50 million to
terminate the TRA and that any additional waived value beyond such amount would accrue to the benefit of

69

Enfusion Stockholders on a dollar-for-dollar basis. Based on the information available to it, the Special Committee
determined that this indication of interest equated to a per share price of approximately $11.09 if no portion of the TRA was waived. This proposed price of $11.09 implied a premium to the Unaffected Price of approximately 29.7% (the
“”). The Clearwater December 19 Proposal noted that Clearwater expected voting and support agreements to be entered into at signing by certain of Enfusion’s stockholders.

On December 20, 2024, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed the Special Committee on the status of the strategic transaction process, including their most recent interactions with the Party E Consortium, Party P and Clearwater. Representatives of Goldman Sachs also
briefed the Special Committee on certain financial information relating to management’s updated expectations for the financial performance of Enfusion for the fourth quarter of 2024 and the full year 2024.

Also on December 20, 2024, Party P declined to further engage in the sale process, citing that Enfusion’s financial profile would be
challenging to underwrite at a competitive valuation.

On December 21, 2024, Sandeep Sahai, the Chief Executive Officer of
Clearwater, indicated to representatives of Goldman Sachs that (a) Clearwater’s counsel expected to send a revised draft merger agreement to Dechert the following week