Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 150

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 150
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 the United States financial markets generally. This analysis resulted in a range of implied present values per share of Enfusion Common
Stock, rounded to the nearest $0.10, of $7.30 to $13.20.

Selected Precedent Transactions Analysis. Goldman Sachs analyzed certain
information relating to the following selected transactions in the electronic technology and technology services industry since 2021. For

93

each of the selected transactions where information was publicly available, Goldman Sachs calculated and compared the implied EV/NTM revenue of the applicable target company based on the total consideration paid in the transaction as a multiple of the target company’s NTM revenue based on information in public filings and FactSet estimates at the time each such selected transaction was announced. While none of the target companies that participated in the selected transactions are directly comparable to Enfusion, the target companies that participated in the selected transactions are companies with operations that, for the purposes of analysis, may be considered similar to certain of Enfusion’s results, market sizes and product profile. The following table presents the results of this analysis:

| Announcement   
 Date           |        | Selected Precedent Transactions |          |                                                                      |     | EV/NTM  
 Revenue |      |
|                | Target |                                 | Acquiror |                                                                      |     |         |      |
| June 2021      |        | Cloudera, Inc.                  |          | Clayton, Dubilier & Rice, LLC & Kohlberg Kravis Roberts & Co. L.P.   |     |         | 5.2x |
| March 2023     |        | Qualtrics International Inc.    |          | Silver Lake Partners & Canada Pension Plan Investment Board          |     |         | 7.1x |
| April 2023     |        | Simcorp A/S                     |          | Deutsche Borse AG                                                    |     |         | 6.6x |
| July 2023      |        | New Relic, Inc.                 |          | Francisco Partners Management, L.P. and TPG Capital Management, L.P. |     |         | 5.8x |
| August 2023    |        | SUSE S.A.                       |          | EQT AB                                                               |     |         | 4.9x |
| December 2023  |        | Alteryx, Inc.                   |          | Clearlake Capital Group, L.P. & Insight Partners                     |     |         | 4.3x