CLEARWATER ANALYTICS acquired by PERMIRA & WARBURG PINCUS
Context
Clearwater Analytics has been acquired by an Investor Group led by Permira and Warburg Pincus, with participation from Francisco Partners and Temasek. The transaction was presented to Clearwater’s shareholders following a special committee review and received board approval and majority shareholder consent, resulting in the delisting of the company’s Class A common stock from the New York Stock Exchange. The acquisition provides the private‑equity consortium with full ownership, enabling the infusion of capital and strategic guidance aimed at accelerating Clearwater’s artificial‑intelligence roadmap and next‑generation platform development. By taking the company private, the new owners can allocate resources without public‑market constraints, deepen the data foundation that underlies the platform, and expand agentic capabilities that serve institutional investors managing extensive asset portfolios. Post‑closing, Clearwater is expected to increase investment in research and development, shorten product release cycles, and broaden its AI‑driven analytics suite. The ownership structure should facilitate cross‑portfolio synergies, enhance operational efficiency, and strengthen the firm’s position in the global investment‑management technology market, potentially expanding its client base and service depth across multiple regions.
CLEARWATER ANALYTICS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Clearwater Analytics is a cloud‑based provider of investment accounting, performance measurement, risk analytics and compliance solutions for institutional investors. The company aggregates data from public and private markets to deliver a single, real‑time view of every asset held by its clients, enabling daily portfolio monitoring and reporting. Its platform supports a subscription model that charges users for access to data feeds, analytics modules and integration tools. Clients include asset managers, pension funds, insurance companies, sovereign wealth funds and other entities that manage large, diversified portfolios. Clearwater’s technology stack incorporates automated data ingestion, normalization engines and a configurable analytics layer that can be tailored to specific investment strategies. The firm operates a data foundation that underpins its roadmap for artificial‑intelligence‑driven analytics, allowing users to apply predictive models and scenario analysis across the full asset universe. Headquartered in Boise, Idaho, Clearwater serves a global client base with data centers and support operations located in North America, Europe and Asia. The company’s business model emphasizes recurring revenue, high client retention, and continuous platform enhancements driven by client feedback and regulatory requirements.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 3b - 100b USD
Revenue range: 450M - 900M USD
EBITDA range: 150M - 250M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: clearwater analytics
Acquirer: permira / warburg pincus