Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 99

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 99
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 transaction process, including the management meetings with potential counterparties and representatives of Goldman Sachs and other activity that had
occurred during the previous week.

Prior to the commencement of trading on the NYSE on November 4, 2024, Enfusion announced its
financial results for the third quarter of 2024 and provided financial guidance for the full year 2024 based on then-current market conditions and expectations. Enfusion announced that it expected GAAP revenues for the full year 2024 to be between
$202 million and $205 million, which had been updated from Enfusion’s previous guidance of between $200 million and $210 million.

Over the course of the weeks of November 4 and November 11, 2024, representatives of Enfusion management and Goldman Sachs held
a number of follow-up meetings with potential counterparties.

On November 6, 2024,
Enfusion entered into a confidentiality agreement with Party Q, a financial sponsor firm.

Also on November 6, 2024, at the
direction of the Special Committee, representatives of Goldman Sachs distributed a bid process letter to each of Clearwater, Party A, Party B, Party C, Party D, the Party E Consortium, Party F, Party I, Party K, Party L, Party M, Party N, Party O,
Party P and Party Q, which requested first-round proposals by November 19, 2024. The process letter instructed bidders to specify the amount of consideration they would pay and to assume a fixed total dollar value to terminate the TRA,
derived from the TRA Guidance (to be provided to the prospective bidders prior to the bid date) and any independent calculations by the prospective bidder, and to confirm in writing that, in the event and to the extent the acceleration of payments
associated with the TRA were waived in full or in part, the full waived value would accrue to the benefit of Enfusion Stockholders on a dollar-for-dollar basis. The
process letter also requested that bidders indicate whether they were pre-conditioning their bids and a potential transaction irrevocably on approval by the Special Committee and a majority of the unaffiliated
Enfusion Stockholders.

On November 7, 2024, Enfusion entered into a confidentiality agreement with Party R, a financial sponsor
firm. At the direction of the Special Committee, representatives of Goldman Sachs distributed a bid process letter to Party R.

On
November 8, 2024, the Special Committee held a meeting with representatives