Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 123

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 123
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, fair to and in the best interests of Enfusion and Enfusion Stockholders, (ii) recommended that the Enfusion Board determine that the Merger Agreement, the Merger and the other Transactions are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders and that the Enfusion Board adopt and approve the Merger Agreement, the Merger and the other Transactions, (iii) recommended that the Enfusion Board adopt and approve the Merger Agreement, the Merger and the other Transactions, and (iv) recommended that, subject to approval by the Enfusion Board, the Enfusion Board submit the Merger Agreement to the Enfusion Stockholders entitled to vote thereon for adoption thereby and resolve to recommend that such Enfusion Stockholders adopt the Merger Agreement and approve the Transactions, including the Mergers. In evaluating the terms of the potential transaction with Clearwater, the Special Committee consulted with representatives of its independent financial advisor, Goldman Sachs, and its independent legal advisor, Dechert LLP, and where appropriate, with other Enfusion Board members, members of Enfusion’s management and Goodwin, outside counsel to Enfusion. The Special Committee considered a number of factors, including the following factors (not necessarily in order of relative importance), which the Special Committee viewed as being generally positive or favorable.

| • |     | Standalone Alternatives to a Sale of Enfusion. The Special Committee’s belief that the Merger                                                                                                                                                       
 Consideration was more favorable to Enfusion Stockholders than the alternative of remaining an independent public company, after taking into account the risks and uncertainties associated with remaining an independent public company, including 
 Enfusion’s business and competitive position and current industry and financial conditions. Among other things, the Special Committee considered several factors based on its analysis of Enfusion’s performance, as well as the financial          
 analyses of Goldman Sachs and feedback from participants in the strategic transaction process. The factors considered by the Special Committee included (not necessarily in order of relative importance):                                          |

| • |     | its assessment of Enfusion’s historical financial performance; |

| • |     | its assessment of the state of Enfusion’s customer base; |

| • |     | the uncertainty of success of Enfusion’s new initiatives and go-to-market efforts; |

| • |     | the competitive landscape of Enfusion’s business; |

| • |     | the potential that the market for Enfusion’s products and services develops more slowly than projected,  
 which could result in slower or stalled growth, and