Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 90

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 90
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 in Enfusion’s sector. Management from time to time met with these investors and companies, including financial sponsor firms, in
the ordinary course of business. For example, approximately four meetings of this nature occurred in 2024 prior to the commencement of Enfusion’s strategic alternatives process as described herein, all of which were with financial sponsor firms
and none of which resulted in any proposals being made for a strategic transaction. Other than one of these meetings, which was with Party M (as defined herein), none of these meetings occurred with parties that would later participate in
Enfusion’s strategic transaction process.

In addition, prior to the commencement of Enfusion’s strategic alternatives review
process as described herein, members of Enfusion management and members of the Enfusion Board from time to time invited representatives of investment banks to present to the Enfusion Board in the ordinary course of business. Such investment banks
were invited to share their views regarding Enfusion and its potential growth and valuation, as well as their views regarding potential strategic alternatives for Enfusion and potential strategic transactions (including both potential buy-side and sell-side transactions) that could be explored to create value for Enfusion Stockholders. For example, at a regularly scheduled meeting of the Enfusion Board on June 28, 2024, and at the invitation
of the Enfusion Board, the Enfusion Board received reports from four investment banks, including Goldman Sachs, with respect to the matters described above.

On July 18, 2024, the Enfusion Board held a regularly scheduled meeting with representatives of Enfusion management in attendance.
Enfusion management briefed the Enfusion Board on the actions that would need to be taken by Enfusion to move “up-market” (i.e., transform Enfusion’s business platform from primarily serving
hedge fund customers to serving both institutional asset managers and hedge fund platforms) in order to continue or accelerate Enfusion’s revenue growth, as well as the costs, risks and uncertainties in pursuing such a move while continuing as
a standalone public company. The Enfusion Board also received a general presentation from Enfusion management regarding the publicly known aspects of the TRA, including the deferred tax assets’ estimated balances (as publicly disclosed in
Enfusion’s SEC filings) and the timeline for future TRA payments (as set forth in the TRA).

On July 19, 2024, the Enfusion
Board held a regularly scheduled meeting with representatives of Enfusion management in attendance. The Enfusion Board discussed the views of the investment banks that had been shared