Company: CWAN
Filing Date: 2025-03-06
Form Type: CORRESP
Source: 0001193125-25-048573
Chunk: 1

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: CORRESP
Chunk 1
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 certain price (i.e., walk-away rights) and, if so, Enfusion’s intention regarding resolicitation if walk-away rights are triggered and a discussion of the Enfusion board’s fiduciary duties to its shareholders with respect to such 
 decision, including the factors the board will consider in deciding whether to exercise its walk-away rights;                                                                                                                                 |

Response:In response to the Staff’s comment, the Company has revised the disclosure on page 31 of the Amended Registration Statement to clarify that Enfusion does not have any walk-away or other rights to terminate the Transaction solely based on any decline in Clearwater’s common stock price.

| • |     | an illustrative table using a reasonable range of prices of Clearwater’s common stock with columns 
 indicating the respective exchange ratios and other relevant information;                          |

Response:In response to the Staff’s comment, the Company has revised the disclosure on pages 18 and 19 of the Amended Registration Statement to include an illustrative table using a reasonable range of assumed share prices of Clearwater’s common stock and showing the impact of changes in such share prices on the Merger Consideration to be received by Enfusion Stockholders.

| • |     | if material, the volatility of Clearwater’s common stock over a recent historical period and any risks 
 relating to the volatility;                                                                            |

Response:The Company respectfully submits that the volatility of Clearwater’s common stock over the recent historical period has not been significant.

| • |     | the time period anticipated between the vote and closing; and |

Response:In response to the Staff’s comment, the Company has revised the disclosure on pages 4 and 19 of the Amended Draft Registration Statement to clarify the time period anticipated between the vote and closing.

| • |     | how the 10% collar is calculated. |

Response:In response to the Staff’s comment, the Company has revised the disclosure on pages 18 and 57 of the Amended Registration Statement to clarify how the 10% collar is calculated.

| 2. | It appears that Enfusion stockholders will not make their cash/stock election at the same time as their 
 vote. Please advise us of the applicability of the tender offer rules to the cash election.             |

Response:The Issuer respectfully submits that the provision in the Merger Agreement (defined below) that provides Enfusion stockholders the option to elect to receive the Per Share Mixed Consideration, the Per Share Stock Consideration or the Per Share Cash Consideration as Merger Consideration for