Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 140

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 140
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 opinion, dated January 10, 2025, that, as of such date, and based upon and subject to the various limitations, qualifications and assumptions and other matters set forth therein, the aggregate Merger Consideration to be paid to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock was fair, from a financial point of view, to such holders. The full text of the written opinion of Goldman Sachs, dated January 10, 2025, which sets forth assumptions made, procedures followed, matters considered and limitations on the review undertaken in connection with the opinion, is attached as Annex D. Goldman Sachs provided advisory services and its opinion for the information and assistance of the Special Committee in connection with its consideration of the Transactions. Goldman Sachs’ opinion is not a recommendation as to how any holder of Enfusion Common Stock should vote or make any election with respect to the Transactions or any other matter. In connection with rendering the opinion described above and performing its related financial analyses, Goldman Sachs reviewed, among other things:

| • |     | the Merger Agreement; |

89

| • |     | certain interim reports to stockholders and Quarterly Reports on Form 
 10-Q of Enfusion and Clearwater;                                      |

| • |     | certain other communications from Enfusion and Clearwater to their respective stockholders; |

| • |     | certain publicly available research analyst reports for Enfusion and Clearwater; and |

| • |     | certain internal financial analyses and forecasts for Enfusion, as prepared by the management of Enfusion and as                                                                                                                    
 approved for Goldman Sachs’ use by the Special Committee (collectively, the “Forecasts”), certain tax receivables benefits and payments projections for Enfusion prepared by its management, as approved for Goldman Sachs’         
 use by the Special Committee (the “Tax Receivables Projections”), and certain internal financial analyses and forecasts of the tax assets of Enfusion prepared by its management, as approved for Goldman Sachs’ use by the Special 
 Committee (the “Tax Attribute Projections”).                                                                                                                                                                                        |

Goldman Sachs also held discussions with members of the senior managements of Enfusion and Clearwater regarding their assessment of the strategic rationale for, and the potential benefits of, the Transactions and the past and current business operations, financial condition, and future prospects of their respective companies; reviewed the reported price and trading activity for Enfusion Common Stock and Clearwater Common Stock; compared certain financial and stock market information for Enfusion and Clearwater with similar financial