Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 149

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 149
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 12% and a 75th percentile premium of 46% across the period. Using this analysis and its professional judgment and experience, Goldman Sachs applied a reference range of illustrative premia of 10.0% to 45% to the undisturbed closing price per share of Enfusion Common Stock of 94

$8.55 as of September 19, 2024 (the last trading day prior to media rumors about a potential sale) and calculated a range of implied values per share of Enfusion Common Stock, rounded to the nearest $0.10, of $9.40 to $12.40. Selected Public Company Comparables Analysis.Using publicly available information, Goldman Sachs reviewed and compared EV/NTM revenue multiples for Enfusion and for the following publicly traded corporations in the vertical software industry, which are referred to in this section as the “selected vertical software companies”:

| • |     | Autodesk, Inc.; |

| • |     | Alkami Technology, Inc.; |

| • |     | Clearwater Analytics Holdings, Inc.; |

| • |     | Guidewire Software, Inc.; |

| • |     | nCino, Inc.; |

| • |     | Procore Technologies, Inc.; and |

| • |     | Veeva Systems Inc. |

Although none of the selected software companies is directly comparable to Enfusion, the selected vertical software companies included were chosen because they are publicly traded companies in the vertical software industry with certain operations that, for purposes of analysis, may be considered similar to certain operations of Enfusion. Goldman Sachs calculated and compared EV/NTM revenue multiples for Enfusion and for each of the selected vertical software companies, based on financial and trading data as of January 8, 2025, and information from public filings, FactSet and the Forecasts, for the following periods:

The results of this analysis are summarized as follows:

|                                      |     | Pre-COVID |       |     | Since 
 IPO   |      |     | 3-Year |      |     | 2-Year |      |     | 1-Year |      |
| Enfusion                             |     |           | N/A   |     |       | 7.1x |     |        | 7.1x |     |        | 5.8x |     |        | 5.3x |
| Selected vertical software companies |     |           | 10.7x |     |       | 8.