Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 132

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 132
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 completed,              
 (i) the market price of shares of Enfusion Common Stock could decline, to the extent the current market price reflects a market assumption that the Transactions will be completed, (ii) Enfusion will have incurred significant risk,                    
 transaction expenses and opportunity costs, including the possibility of disruption to its operations and conduct of business, diversion of Enfusion management and employee attention, an inability to pursue alternative business opportunities or make 
 changes to the business, an inability to attract and retain key personnel and recruit prospective employees and a potentially negative effect on its customer, supplier, business partner and employee relationships and (iii) the market’s               
 perception of Enfusion’s prospects could be adversely affected.                                                                                                                                                                                           |

The Special Committee also considered the fact that, despite considering whether the Transactions should be conditioned upon the approval of a majority of the unaffiliated Enfusion Stockholders, the Transactions would ultimately be only conditioned upon the approval of a majority of the outstanding shares of Enfusion Common Stock entitled to vote thereon. The Special Committee ultimately concluded that it was better to proceed with a transaction without the majority of the minority approval condition based on the factors otherwise described herein, including:

| • |     | that the Special Committee believed for the reasons described above that the value being offered by Clearwater 
 was in the best interests of Enfusion Stockholders relative to remaining an independent public company;        |

84

| • |     | that, while the Special Committee believes that the Transactions are in the best interests of the unaffiliated                                                                                                                                           
 Enfusion Stockholders, conditioning approval of the Transactions on a majority of the minority approval could present unnecessary risks to completing the Transactions, including because unaffiliated Enfusion Stockholders may simply not return a     
 proxy card even if they otherwise support the Transactions or Enfusion Stockholders supportive of the Transactions may sell their shares between the record date and the Special Meeting and as a result would not be incentivized to return their proxy 
 card;                                                                                                                                                                                                                                                    |

| • |     | that the TRA Amendment Parties had agreed to waive all but $30 million of the payments under the TRA,                                     
 including all amounts that would have otherwise become payable to the TRA Parties in connection with the closing of the Transactions; and |

| • |     | that the Special Committee had conducted a thorough process to solicit interest from other parties (and that the                                                                                                                          
 publication of the Reuters article has acted as a public market-check for other potentially interested parties) and that Clearwater was the party willing to pay the highest