Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 12

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 12
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 in deciding whether to vote for the approval of the Merger 
 Agreement Proposal?                                                                                   |

| A: | Yes. You should read and carefully consider the risks set forth in the section titled “Risk Factors.”                                                                                        
 You should also read and carefully consider the risks related to Clearwater and Enfusion contained in the documents that are incorporated by reference into this Proxy Statement/Prospectus. |

| Q: | What will holders of Eligible Shares receive for their shares if the Transactions are completed? |

| A: | Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each                                                                                                                           
 Eligible Share will be automatically cancelled and cease to exist and will be converted into the right, at the election of the holder of such Eligible Share, to receive (together, the “Merger Consideration”), subject to proration 
 according to the terms of the Merger Agreement to the extent any election is oversubscribed, either:                                                                                                                                  |

| (a) | (i) cash in an amount equal to $5.85 and (ii) a number of shares of Clearwater Common Stock equal to the 
 Per Share Parent Stock Amount (as defined herein) (the “Per Share Mixed Consideration”);                 |

2

| (b) | a number of shares of Clearwater Common Stock equal to the Exchange Ratio (as defined herein) (the “Per 
 Share Stock Consideration”); or                                                                         |

| (c) | cash in an amount equal to the Aggregate Consideration Per Share (as defined herein) (the “Per Share 
 Cash Consideration”); and                                                                            |

in each case, cash in lieu of fractional shares of Clearwater Common Stock that such holder of Eligible Share would otherwise be entitled to receive. Regardless of the Merger Consideration elected, the value paid per share of Enfusion Common Stock will be equalized in connection with the consummation of the Mergers on the terms and subject to the conditions set forth in the Merger Agreement such that the value of each Merger Consideration election will be substantially the same. The “ Per Share Parent Stock Amount” will be determined by dividing $5.40 by the volume-weighted average price (such price, the “ Final Parent Stock Price”) of Clearwater Common Stock for the ten-tradingday period ending on (and including) the second to last trading day prior to (but not including) the closing date of the Mergers (the “ Closing Date