Clearwater Analytics to Acquire Enfusion in $1.5 Billion Deal
Clearwater Analytics, a leading provider of accounting, compliance, and risk reporting solutions for asset managers, announced on Monday its definitive agreement to acquire investment management platform Enfusion for $1.5 billion. The deal marks a strategic expansion into front-to-back investment management capabilities.
Deal Structure and Financing
- Clearwater secured an $800 million loan and a $200 million revolving credit line to fund the acquisition.
- Enfusion shareholders can elect to receive payment in cash, stock, or a combination, with $760 million allocated for cash payouts.
- The transaction includes issuing 23–28 million new shares to Enfusion stakeholders.
Pending shareholder and regulatory approvals, the acquisition is expected to close in Q2 2025.
Why Enfusion?
Founded in 1997 as a tech consultancy, Chicago-based Enfusion pivoted to portfolio management tools, addressing a critical market gap. Key highlights:
- Valuation: Went public in 2021 at a $1.9 billion valuation.
- Investors: Backed by ICONIQ Growth and FTV Capital, holding a 45% stake alongside CEO Oleg Movchan.
- Financials: Preliminary 2024 results show 15% YoY revenue growth ($201M) and 13% growth in annual recurring revenue ($210M).
Clearwater is paying a 13% premium over Enfusion’s stock price (as of January 10), citing strong financial performance and synergistic potential.
Strategic Synergies
The acquisition aims to create an end-to-end platform for investment managers by:
- Integrating Enfusion’s portfolio and order management tech into Clearwater’s ecosystem.
- Expanding Clearwater’s reach into the hedge fund sector and Enfusion’s existing geographic markets.
Clearwater’s Market Position
Since its 2004 launch, Clearwater has grown into a powerhouse, servicing clients like J.P. Morgan Asset Management, Facebook, and Oracle, with over $7.4 trillion in assets on its platform.
This acquisition underscores Clearwater’s ambition to dominate the investment management tech space, combining back-office analytics with Enfusion’s front-office expertise.
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