Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 39

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 39
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 Merger Agreement and (y) declaring that the Merger Agreement,
the Mergers and the other transactions contemplated by the Merger Agreement are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders, and (b) recommended that the Enfusion Stockholders adopt the Merger Agreement
and approve the transactions contemplated by the Merger Agreement, including the Mergers, (iii) recommended that the Enfusion Board adopt a resolution recommending that the Enfusion Stockholders vote their shares in favor of adopting the Merger
Agreement at a special meeting of the Enfusion Stockholders.

Recommendations of the Enfusion Board

The Enfusion Board, acting on the unanimous recommendation of the Special Committee, unanimously (i) determined that the Merger Agreement,
the Mergers and the other Transactions are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders, (ii) adopted and approved the Merger Agreement, the Mergers 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