Clearwater to acquire Enfusion to expand its Investment Management Platform
By Gloria Mathias
Clearwater Analytics (Clearwater) has agreed to acquire Enfusion, a SaaS provider for investment management and hedge funds, under a definitive merger deal. The purchase price is $11.25 per share, delivered in an approximately equal mix of cash and stock.
Additionally, Clearwater will pay $30 million to terminate Enfusion’s tax receivable agreement (TRA). This equates to a purchase price of approximately $1.5 billion.
“We expect to accelerate growth based on our increased right-to-win, higher back-to-base sales, greater presence across key geographies and increased Total Addressable Market (TAM). Coupled with our operating rigour and use of generative AI, we have high confidence that we can drive meaningfully improved unit economics at Enfusion while also growing its emerging managed services business,” said Sandeep Sahai, CEO of Clearwater Analytics. “Most importantly, this acquisition enables seamless data management from the front office to the back office, unlocking powerful network effects that amplify client value.”
The acquisition of Enfusion accelerates Clearwater’s vision of building the first cloud-native front-to-back platform for the entire investment management industry.
Secondly, Clearwater has built a highly robust execution infrastructure that operates effectively and at scale in New Delhi, Edinburgh, and Boise.
And thirdly, Clearwater expects considerable efficiencies in general and administrative expenses, yielding about $20 million in cost savings, which we believe will be delivered over the first two and a half years after closing.
”This transaction marks an exciting new chapter for all of Enfusion’s key stakeholders. Since our inception, we have proven that the versatility, scale, and depth of our solutions capture the hearts and minds of both traditional and alternative investment managers. Together with Clearwater, our shared passion for building innovative technologies and enriching every aspect of the client journey will now accelerate and enhance our combined ability to support our clients’ evolving needs—whether they are expanding into new strategies, asset classes, or geographies. That commitment will ensure our clients remain on the investment management technology,” said Oleg Movchan, CEO of Enfusion.
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