Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 97

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 97
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 and acquisitions. After representatives of Goldman Sachs exited the meeting, the Special Committee further
discussed these matters with representatives of Dechert. Following such discussion, the Special Committee unanimously determined that a strategic transaction process would be in the best interest of the Enfusion Stockholders, determined to launch
such a process, authorized representatives of Goldman Sachs to contact the recommended prospective bidders and approved the preliminary long-range plan and projections for Enfusion that had been prepared by Enfusion management to be used by Goldman
Sachs in its financial analysis and shared with potential bidders in the strategic transaction process.

On October 18, 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 the bidder outreach
that representatives of Goldman Sachs had conducted, and reviewed the confidential information memorandum that would be shared with prospective bidders and used at management meetings with those prospective bidders in the coming weeks.

On October 20, 2024, Enfusion entered into a confidentiality agreement with each of Party A and Party B, each a financial sponsor
firm. The terms of the confidentiality agreements with all prospective bidders contained customary provisions, including standstill provisions (which did not include “don’t ask, don’t waive” provisions).

Over the course of the weeks of October 21 and October 28, 2024, representatives of Enfusion management and Goldman Sachs held
a number of management meetings with prospective bidders who had executed confidentiality agreements, including Clearwater.

On
October 21, 2024, Enfusion entered into a confidentiality agreement with each of Party C and Party D, each a financial sponsor firm.

On October 22, 2024, Enfusion entered into a confidentiality agreement with each of Party E, Party F and Party G, each a financial
sponsor firm. Party E and Party H (collectively, the “”) requested permission to proceed as co-bidders so they could cooperate to produce a more competitive bid, and the
Special Committee granted such permission, subject to Party H executing a separate confidentiality agreement.

On
October 23, 2024, Enfusion entered into a confidentiality agreement with each of Clearwater, and Party H, Party I, Party J and Party K, each a financial sponsor firm.

On October 25, 2024, the Special Committee held a meeting with representatives of Dechert and Goldman Sachs in attendance.
Representatives of Goldman Sachs briefed