Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 37

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 37
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 and the other Transactions, (iii) directed that the
Merger Agreement be submitted to Enfusion Stockholders entitled to vote thereon for adoption thereby and (iv) resolved to recommend that such Enfusion Stockholders adopt the Merger Agreement and approve the Transactions, including the Mergers.
For a description of the reasons considered by the Enfusion Board, see the section of this Proxy Statement/Prospectus titled “The Transactions—Enfusion’s Reasons for the Transactions; Recommendations of the Special Committee and the
Enfusion Board.”

Opinion of the Special Committee’s Financial Advisor(see page 90 andAnnex D)

The Special Committee retained Goldman Sachs & Co. LLC (“”) as its financial advisor in connection with the
Transactions. At a meeting of the Special Committee held on January 10, 2025, Goldman Sachs rendered its oral opinion to the Special Committee, subsequently confirmed by delivery of its written 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 by Goldman Sachs in connection with the opinion, is attached as Annex D. The summary of
Goldman Sachs’ opinion contained in this Proxy Statement/Prospectus is qualified in its entirety by reference to the full text of Goldman Sachs’ written opinion. 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. Pursuant to an engagement letter between the Special Committee and Goldman Sachs, the Special Committee has agreed to pay Goldman Sachs a transaction fee of approximately $21.6 million, $2 million of which
became payable upon the announcement of the Transactions (including a $200,000 non-contingent retainer fee paid monthly for the first two months of Goldman Sachs’ engagement by the Special Committee), and
the remainder of which is contingent upon consummation of