Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 141

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 141
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 and stock market information for certain other companies the securities of which are publicly traded; reviewed the financial terms of certain recent business combinations in the electronic technology and technology services industry; and performed such other studies and analyses, and considered such other factors, as it deemed appropriate. For purposes of rendering its opinion, Goldman Sachs, with the Special Committee’s consent, relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it, without assuming any responsibility for independent verification thereof. In that regard, Goldman Sachs assumed with the Special Committee’s consent that the Forecasts, the Tax Receivables Projections and the Tax Attribute Projections were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the Special Committee. Goldman Sachs did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheetassets and liabilities) of Enfusion or Clearwater or any of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the Transactions will be obtained without any adverse effect on Enfusion or Clearwater or on the expected benefits of the Transactions in any way meaningful to its analysis. Goldman Sachs also assumed that the Transactions will be consummated on the terms set forth in the Merger Agreement, without the waiver or modification of any term or condition the effect of which would be in any way meaningful to its analysis. In rendering its opinion, Goldman Sachs did not take into account any differential voting or other rights between the shares of Clearwater Common Stock and the other classes of shares of common stock of Clearwater. Goldman Sachs’ opinion does not address the underlying business decision of Enfusion to engage in the Transactions or the relative merits of the Transactions as compared to any strategic alternatives that may be available to Enfusion; nor does it address any legal, regulatory, tax or accounting matters. Goldman Sachs’ opinion addresses only the fairness from a financial point of view to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock, as of the date of the opinion, of the aggregate Merger 90

Consideration to be paid to such holders pursuant to the Merger Agreement. Goldman Sachs’ opinion does not express any view on, and does not address, any other term or aspect of the Merger
Agreement, the Operating Agreement or the TRA