Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 136

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 136
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 non-exhaustivelist of material factors and countervailing factors, which are not presented in any relative order of importance:

| • |     | The Special Committee’s analysis (as to both substantive and procedural aspects of the Merger), conclusions                                                                                                                                           
 and unanimous determination, which the Enfusion Board adopted as its own, that the Merger Agreement and the Transactions, including the Mergers, are advisable, fair to and in the best interests of Enfusion and Enfusion Stockholders. The Enfusion 
 Board also considered the Special Committee’s unanimous recommendation that the Enfusion Board approve and adopt the Merger Agreement and the Transactions, including the Mergers;                                                                    |

85

| • |     | The procedural fairness of the Merger, including that (1) the Merger Agreement was negotiated by the Special                                                                                                                                              
 Committee consisting solely of independent (for purposes of serving on the Special Committee) and disinterested directors who are not affiliated with, and are independent of, any of the potential counterparties to a potential acquisition of Enfusion 
 (including the TRA Parties) and were otherwise disinterested and independent with respect to a potential acquisition of Enfusion, other than as discussed in this Proxy Statement/Prospectus in the section titled “The Transactions—Interests            
 of Enfusion’s Directors and Executive Officers in the Transactions”; and (2) the Special Committee had the authority to select and engage, and was advised by, its own independent legal and financial advisors;                                          |

| • |     | The other material factors and countervailing factors considered by the Special Committee and listed above. |

The Enfusion Board concluded that the uncertainties, risks and potentially negative factors relevant to the Merger Agreement and the Mergers were outweighed by the potential benefits of the Merger Agreement and the Mergers. The foregoing discussion of the information and factors considered by the Special Committee and by the Enfusion Board is not intended to be exhaustive and includes only the material factors considered. In light of the variety of factors considered by the Special Committee and by the Enfusion Board and the complexity of these factors, neither the Special Committee nor the Enfusion Board found it practicable to, and did not, quantify or otherwise assign relative weights, ranks or values to the foregoing factors in reaching their respective determinations and recommendations. Moreover, each member of the Special Committee and of the Enfusion Board applied his or her own personal business judgment to the process and may have assigned different relative weights, ranks or values to the different factors, and the recommendations