Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 146

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 146
---
 Equity Partners                              |     |         | 6.9x |
| October 2024   |        | Zuora, Inc.                     |          | Silver Lake Partners & GIC Pte Ltd.                                  |     |         | 3.2x |

Based on the results of the foregoing calculations and Goldman Sachs’ analyses of the various transactions and its professional judgment and experience, Goldman Sachs applied a reference range of EV/NTM revenue multiples of 5.0x to 7.0x to Enfusion’s estimated NTM revenue for the quarter ended December 31, 2024, as provided by the management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, as reflected in the Forecasts, to derive a range of implied enterprise values for Enfusion. Goldman Sachs then added the net cash of Enfusion as of September 30, 2024, as provided by the management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, to derive a range of illustrative equity values for Enfusion. Goldman Sachs divided the results by the number of fully diluted outstanding shares of Enfusion Common Stock as of January 8, 2025, as provided by management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, to derive a range of implied values per share of Enfusion Common Stock, rounded to the nearest $0.10, of $9.10 to $12.60. Premia Paid Analysis.Goldman Sachs reviewed and analyzed, using publicly available information, the acquisition premia for 48 acquisition transactions announced from January 1, 2012 through January 8, 2025, involving a public company based in the United States as the target where the disclosed enterprise value for the transaction was between $1 billion and $10 billion and where 35% to 65% of the total consideration paid in connection with the transaction was comprised of cash. For the entire period, using publicly available information, Goldman Sachs calculated the median, 25th percentile and 75th percentile premia of the price paid in the observed transactions relative to the target’s last undisturbed closing stock price prior to announcement of the respective transactions. This analysis indicated a median premium of 27% across the period. This analysis also indicated a 25th percentile premium of 12% and a 75th percentile premium of 46% across the period. Using this analysis and its professional judgment and experience, Goldman Sachs applied a reference range of illustrative prem