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06/2026

CLEARWATER ANALYTICS acquired by PERMIRA & WARBURG PINCUS

UNITED STATES Software / Industry-Specific Software / Financial Services / Banking EV 3b - 100b USD

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 in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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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.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
2024

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REFERENCES

Valuation range: EV 3b - 100b USD

Revenue range: 450M - 900M USD

EBITDA range: 150M - 250M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CLEARWATER ANALYTICS by PERMIRA / WARBURG PINCUS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: clearwater analytics

Acquirer: permira / warburg pincus