Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 95

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 95
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 2024, the Special Committee held a follow-up interview with two
investment banks, including Goldman Sachs.

Later on September 13, 2024, the Special Committee held a meeting with
representatives of Dechert in attendance. The Special Committee determined to proceed to engage Goldman Sachs as the Special Committee’s financial advisor based on Goldman Sachs’ qualifications, reputation, independence and expertise,
including knowledge of the industry in which Enfusion operates and experience advising technology companies and special committees in connection with the review and implementation of strategic alternatives, including strategic transactions, and
further directed Dechert to negotiate an engagement letter with Goldman Sachs.

On September 16, 2024, at the direction of the
Special Committee, representatives of Dechert shared the revised Management Guidelines with the General Counsel and Assistant General Counsel of Enfusion for further distribution to the management team of Enfusion.

60

On September 19, 2024, the closing price for shares of Enfusion Common Stock on
the NYSE was $8.55 per share (the “”). The next day, on September 20, 2024, prior to the close of trading, Reuters published an article stating that Enfusion was in talks with investment banks to
evaluate options that could include a potential sale. The closing price for shares of Enfusion Common Stock on September 20, 2024, was $8.98 per share.

On September 23, 2024, the Special Committee held a meeting with representatives of Dechert in attendance. Representatives of
Dechert briefed the Special Committee on the negotiations of the engagement letter with Goldman Sachs. The Special Committee also delegated certain authority to the chair of the Special Committee, including that the chair could make decisions on
behalf of the Special Committee with respect to certain administrative matters. The Special Committee discussed the September 20, 2024 Reuters article and the leak strategy that the Special Committee had previously reviewed with representatives
of Dechert and directed Dechert to instruct Enfusion management to respond with “no comment” to any related inquiries from the press or other third parties. Representatives of Goldman Sachs then joined the meeting and made a presentation
to the Special Committee, including regarding a potential strategic alternatives review process. The Special Committee discussed that the purpose of the Special Committee at that time was to review all strategic alternatives and was not necessarily
to initiate a sale process, but instead to determine whether it was the right time, in view of the best interests of Enfusion Stockholders generally