Company: CWAN
Filing Date: 2025-01-13
Form Type: 425
Source: 0001193125-25-004988
Chunk: 183

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-01-13
Form: 425
Chunk 183
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approximately $760 million in cash and issue between approximately 23 million and 28 million new shares to Enfusion shareholders.

In
connection with the transaction, an additional $30 million will be paid to retire Enfusion’s TRA. This payment represents an approximately 78% reduction to the contractual early termination obligation otherwise due under the TRA in
connection with a change of control, representing an approximately $105 million benefit to Enfusion’s shareholders.

Clearwater has obtained
committed financing to support the transaction, which is expected to be funded, together with cash on hand, with a $800 million Term Loan B to fund the transaction and refinance certain existing debt. Clearwater has also secured commitments for
a $200 million revolving line of credit. Gross leverage at closing is expected to be approximately 3.7 times adjusted pro forma EBITDA.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Clearwater Analytics. Committed financing for the transaction has been provided by
JPMorgan Chase Bank, N.A. Kirkland & Ellis LLP is serving as legal advisor to Clearwater Analytics. Goldman, Sachs & Co. LLC is serving as exclusive financial advisor to Enfusion’s Special Committee. Dechert LLP is serving as
legal advisor to Enfusion’s Special Committee, while Goodwin Procter LLP is serving as legal advisor to Enfusion.

Conference Call and Webcast

Clearwater Analytics will host an investor conference call to discuss the transaction on January13, 2025, at 8:30 a.m. ET.
A live webcast of the call will be accessible via Clearwater’s Investor Relations website at . A replay of the webcast will also be available on Clearwater’s Investor Relations website shortly after
the call.

About Clearwater Analytics

Clearwater
Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting,
data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than
$7.3 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at .

About Enfusion

Enfusion’s investment management
software-as-a-service platform removes traditional information boundaries, uniting front-, middle- and back-office teams on one