Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 109

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 109
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, (b) Clearwater believed that it could sign a definitive merger
agreement before the end of the year, (c) Clearwater had received a draft “Highly Confident Letter” and that Clearwater believed it would have a full financing commitment before signing a definitive agreement and (d) if the
Special Committee was supportive of Clearwater’s proposal, Clearwater would propose an exclusivity period of 10 days to work towards the signing of a definitive agreement providing for a transaction.

Later on December 21, 2024, at the direction of the Special Committee, representatives of Goldman Sachs called representatives of
Clearwater to inform them that the strategic transaction process continued to be competitive and that therefore the Special Committee would not be granting exclusivity to Clearwater, but that the Special Committee and its advisors would continue to
work with Clearwater towards a potential transaction.

On December 22, 2024, at the direction of the Special Committee,
representatives of Goldman Sachs shared with Clearwater and the Party E Consortium certain financial information relating to management’s updated expectations for the financial performance of Enfusion for the fourth quarter of 2024 and the full
year 2024.

Later on December 22, 2024, at the direction of the Special Committee, representatives of Dechert sent a revised
draft merger agreement to representatives of Kirkland & Ellis LLP, outside counsel to Clearwater (“”). The revised draft of the merger agreement reflected an all-cash
potential transaction and representatives of Dechert communicated to representatives of Kirkland that they should update the draft merger agreement to the extent Clearwater intended to propose a mixed cash and stock consideration transaction.

Later on December 22, 2024, Clearwater requested that access to Enfusion’s data room be given to certain employees of J.P.
Morgan as a potential financing source so that J.P. Morgan could continue to advance the work needed to provide committed financing in respect of a potential transaction. At the direction of the Special Committee, such access was granted.

On December 23, 2024, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed the Special Committee on the status of the strategic transaction process, including their most recent interactions with the Party E Consortium and Clearwater.

Later on December 23, 2024, at the direction of the Special Committee, representatives of Clearwater participated in a meeting with
representatives of Enfusion management and Goldman Sachs at which the