Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 151

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 151
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| June 2024      |        | PowerSchool Holdings, Inc.      |          | Bain Capital, LLC                                                    |     |         | 7.8x |
| July 2024      |        | Instructure, Inc.               |          | KKR & Co. Inc.                                                       |     |         | 6.9x |
| July 2024      |        | Envestnet, Inc.                 |          | Bain Capital, LLC                                                    |     |         | 4.9x |
| September 2024 |        | Smartsheet Inc.                 |          | Blackstone Inc. & Vista Equity Partners                              |     |         | 6.9x |
| October 2024   |        | Zuora, Inc.                     |          | Silver Lake Partners & GIC Pte Ltd.                                  |     |         | 3.2x |

Based on the results of the foregoing calculations and Goldman Sachs’ analyses of the various transactions and its professional judgment and experience, Goldman Sachs applied a reference range of EV/NTM revenue multiples of 5.0x to 7.0x to Enfusion’s estimated NTM revenue for the quarter ended December 31, 2024, as provided by the management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, as reflected in the Forecasts, to derive a range of implied enterprise values for Enfusion. Goldman Sachs then added the net cash of Enfusion as of September 30, 2024, as provided by the management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, to derive a range of illustrative equity values for Enfusion. Goldman Sachs divided the results by the number of fully diluted outstanding shares of Enfusion Common Stock as of January 8, 2025, as provided by management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, to derive a range of implied values per share of Enfusion Common Stock, rounded to the nearest $0.10, of $9.10 to $12.60. Premia Paid Analysis.Goldman Sachs reviewed and analyzed, using publicly available information, the acquisition premia for 48 acquisition transactions announced from January 1, 2012 through January 8, 2025, involving a public company based in the United States as the target where the disclosed enterprise value for the transaction was between $1 billion and $10 billion and where 35% to 65% of the