Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 31

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 31
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0. The Transactions and the Merger Agreement(see pages 52 and 115) The terms and conditions of the transactions are contained in the Merger Agreement, a copy of which is attached as Annex Ato this Proxy Statement/Prospectus. We encourage you to read the Merger Agreement carefully and in its entirety, as it is the legal document that governs the transactions. The Merger Agreement provides that, through a series of transactions including the Merger, the LLC Merger and, if certain conditions have been satisfied as of the Closing Date but prior to the Effective Time, the Second Merger, Enfusion or Acquirer (as successor in interest to Enfusion in the event the Second Merger occurs) will become a direct, wholly-owned subsidiary of Clearwater and Enfusion OpCo will become an indirect subsidiary of Clearwater. Upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with Delaware law:

| • |     | Merger Sub II will merge with and into Enfusion OpCo, with Enfusion OpCo surviving the LLC Merger and becoming an 
 indirect subsidiary of Clearwater;                                                                                |

| • |     | Following the effective time of the LLC Merger, Merger Sub will merge with and into Enfusion, with Enfusion 
 surviving the Merger and becoming a direct, wholly-owned subsidiary of Clearwater;                          |

| • |     | Following the effective time of the Merger and subject to the satisfaction of certain conditions in the Merger                                                        
 Agreement, the Surviving Corporation will merge with and into Acquirer, with Acquirer surviving the Second Merger as a direct, wholly-owned subsidiary of Clearwater. |

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Set forth below is a diagram depicting the structure of the LLC Merger described under the
first bullet point above.

LLC Merger

Set forth below is a diagram depicting the structure of the Merger described under the second bullet point
above.

Merger

15

Set forth below is a diagram depicting the structure of the Second Merger described under
the third bullet point above.

Second Merger

Set forth below is a diagram depicting the structure following the completion of the Second Merger.

Final Structure

16

The parties chose the structure described and depicted above to permit the Merger and the Second Merger, taken together, to qualify as a “reorganization” under Section 368(a) of the Code, provided the other relevant conditions are met. For more information, see the section titled “The Merger Agreement