Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001104659-25-003010
Chunk: 1

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 1
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 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨

Item 1.01 – Entry into a Material Definitive Agreement.

Agreement and Plan of Merger

On January 10, 2025, Enfusion, Inc. (the “Company”
or “Enfusion”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Enfusion
Ltd. LLC, a Delaware limited liability company and subsidiary of the Company (the “Operating Company”), Clearwater
Analytics Holdings, Inc., a Delaware corporation (“Parent” or “Clearwater”), Poseidon Acquirer,
Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Parent (“Acquirer”), Poseidon Merger Sub I, Inc.,
a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”), and Poseidon Merger Sub II, LLC, a Delaware
limited liability company and an indirect subsidiary of Parent (“Merger Sub II”).

The Merger Agreement provides, among other things and on the terms and subject to the conditions of the Merger Agreement, that (i) Merger Sub II will merge with and into the Operating Company (the “ LLC Merger”), with the Operating Company surviving the LLC Merger as a wholly-owned subsidiary of Parent; (ii) Merger Sub will merge with and into the Company (the “ Merger”), with the Company surviving the Merger as an indirectly wholly-owned subsidiary of Parent (the “ Surviving Corporation”); and (iii) subject to the satisfaction of each of the Second Merger Conditions as of the Closing Date but before the effective time of the Merger, the Surviving Corporation will be merged with and into Acquirer (the “Second Merger”, and together with the Merger, the “Corporate Mergers”, and the Corporate Mergers together with the LLC Merger, the “Mergers”),
with Acquirer surviving the Second Merger. If the Second Merger does not occur, references to the “Mergers” shall mean
the Merger and the LLC Merger.

At the respective effective times of each Merger:

| i. | each share of the Company’s Class A Common Stock outstanding as of immediately prior the effective time of the