Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 65

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 65
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, to track any rebalancing of stock indices in which Clearwater Common Stock is included, to respond to the risk profile of the combined company or to realize a gain. If, following completion of the Merger, large amounts of Clearwater Common Stock are sold, the price of Clearwater Common Stock could decline. If the Transactions are completed, Clearwater may not achieve the anticipated benefits of the Transactions, including anticipated synergies. There can be no assurance that Clearwater will be able to successfully integrate Enfusion, and the anticipated benefits of the Transactions, including the anticipated operational and other synergies between the companies, may not be realized fully or at all or may take longer to realize than expected or may have 37

unanticipated adverse results. Anticipated benefits are based on expectations about the future that are subject to change (such as assumptions about Clearwater’s future service costs, future operational plans which have not yet been developed and which may vary from past experiences operating the same assets or recent experiences operating in the same areas). If Clearwater is not able to realize the anticipated benefits expected from the Transactions within the anticipated timing or at all, Clearwater’s business, financial position, results of operations and cash flows may be adversely affected, Clearwater’s earnings per share may be diluted, the accretive effect of the Transactions may decrease or be delayed and the market price of Clearwater Common Stock may be negatively impacted. The integration of the two companies will require significant time and focus from management following the Transactions and could result in performance shortfalls as a result of the diversion of management’s attention to such integration efforts. Difficulties in integrating Enfusion into Clearwater may result in the combined company performing differently than expected, in operational challenges or in the failure to realize anticipated benefits, including anticipated operational and other synergies between the two companies, in whole or in part, on the anticipated timeline or at all. Potential difficulties that may be encountered in the integration process include:

| • |     | complexities associated with managing a larger, more complex, 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