Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 97

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 97
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 Goldman Sachs discussed 21 financial sponsors and 19 strategic parties that the Special Committee could include

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in a strategic transaction process and made recommendations to the Special Committee about what parties should be included in the strategic transaction process, if the Special Committee
determined to proceed with such a process, based on, among other things, the parties’ demonstrated and perceived interest in a potential transaction with Enfusion, ability to finance a potential transaction, investment strategy and history and
appetite for mergers 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