Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 240

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 240
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umed RSUs”) with an estimated fair value of $40.1 million will be                                                                                       
 issued in connection with the Transactions, with $15.9 million attributable to pre-combination services. The fair value of Enfusion’ equity awards after their conversion into Clearwater equity awards                                                                                                            
 attributable to post-combination service will be recognized as expense over the post-combination service period.                                                                                                                                                                                                   |

| (4) | Represents estimated payment to terminate Enfusion’s Tax Receivable Agreement agreed with Enfusion’s 
 TRA Parties in connection with the Transactions.                                                     |

Preliminary Purchase Price Allocation Under the acquisition method of accounting, Enfusion’s identifiable assets acquired, and liabilities assumed by Clearwater will be recorded at the acquisition date fair values. The excess purchase price over the fair value of identifiable assets and liabilities is recorded as goodwill. The pro forma adjustments are preliminary and based on estimates of the fair value and useful lives of the assets acquired and liabilities assumed and are prepared to illustrate the estimated effect of the Transactions. The final determination of the purchase price allocation will be completed as soon as practicable after the completion of the Transactions and will be based on the fair values of the assets acquired and liabilities assumed as of the Closing Date. The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented in the unaudited pro forma condensed combined financial information. Accordingly, the pro forma purchase price allocation is subject to further adjustment as additional information becomes available and as additional analyses and final valuations are completed. There can be no assurances that these additional analyses and final valuations will not result in material changes to the estimates of fair value set forth below. The following table sets forth a preliminary allocation of the estimated Merger Consideration to Enfusion’s identifiable tangible and intangible assets expected to be acquired and liabilities expected to be assumed by Clearwater, as if the merger has been completed on December 31, 2024, based on the audited consolidated balance sheet of Enfusion as of December 31, 2024, with the excess recorded as goodwill:

|                                                 |     | -in thousands |           |
| Cash and cash equivalents                       |     |               |    54,480 |
| Accounts receivable, net                        |     |               |    31,988 |
| Prepaid expenses and other current assets       |     |               |     7,053 |
| Long-term investments                           |     |               |     3,000 |
| Property and equipment, net                     |     |