Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 64

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 64
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 integrated business; |

| • |     | potential unknown liabilities and unforeseen expenses associated with Enfusion and its integration into 
 Clearwater;                                                                                             |

| • |     | potential unknowns with respect to future operational plans; and |

| • |     | inconsistencies between the two company’s standards, controls, procedures and policies. |

In addition, Clearwater’s business may be negatively impacted following the Transactions if it is unable to effectively manage the expanded operations of the combined company. Actual growth and any potential cost savings, if achieved, may be lower than what Clearwater and Enfusion expect and may take longer to achieve than anticipated. If Clearwater and Enfusion are not able to adequately address integration challenges, they may be unable to successfully integrate their operations or realize the anticipated benefits of the integration of the two companies. Clearwater and Enfusion, including their respective subsidiaries, have operated and, until the completion of the Merger, will continue to operate independently. It is possible that the pendency of the Merger, as well as the integration process, could result in the loss of key personnel, the loss of customers, inconsistencies in standards, controls, procedures and policies, unexpected integration issues, higher than expected integration costs, an overall post-completion integration process that takes longer than originally anticipated, as well as the disruption of each company’s ongoing businesses. Any or all of those occurrences could adversely affect the combined company’s operations, including the ability to maintain relationships with customers and employees prior to, or after, the Transactions or to achieve the anticipated benefits of the Transactions. The combined company may not be able to retain Clearwater and Enfusion’s existing customers, which could have an adverse effect on the combined company’s business and operations, and third parties may terminate or alter existing contracts or relationships with Clearwater or Enfusion. As a result of the Transactions, the combined company may experience impacts on relationships with customers that may harm the combined company’s business, financial position, results of operations and cash flows. Certain customers may seek to terminate or modify contractual obligations following the Transactions, whether or not contractual rights are triggered as a result of the Transactions. There can be no guarantee that customers will remain with or continue to have a relationship with the combined company or do so on the same or similar contractual terms following the Transactions. If any customers seek to terminate or modify contractual obligations or discontinue the relationship with the combined company, then the combined company’s business, financial position, results of operations and cash flows may be harmed. Clearwater and Enfusion also have