Clearwater Analytics

Clearwater Analytics Holdings, Inc.

Headquarters located in Boise, Idaho
Company type	Public
Traded as	NYSE: CWAN
Industry	Financial Technology
Founded	2004 (2004)
Headquarters	Boise, Idaho, United States
Key people	Sandeep Sahai (CEO)
Products	Computer Software Support services
Number of employees	1,000–2,000 (2020)
Website	clearwateranalytics.com

Clearwater Analytics Holdings, Inc. is a U.S.-based software-as-a-service (SaaS) fintech enterprise that delivers automated solutions for investment accounting, performance measurement, compliance monitoring, and risk reporting on a global scale. Its main office resides in Boise, Idaho, with additional branches situated in London, Edinburgh, New York City, and Noida.

History

Established in 2004 by David Boren, Michael Boren, and Douglas Bates, Clearwater emerged from their earlier venture, Clearwater Advisors, an institutional fixed-income investment advisory firm where the foundational idea of the company was conceived.

In 2013, Clearwater collaborated with the Gardner Co. to finance the development of a nine-story structure in downtown Boise, significantly increasing its office footprint to more than 90,000 square feet; construction was finalized by 2016.

The firm launched its initial public offering in September 2021 on the New York Stock Exchange under the symbol CWAN, achieving an opening market capitalization exceeding $5 billion.

Growth through strategic acquisitions has been a key focus: in September 2022, Clearwater purchased French data management company JUMP Technology for €75 million; in April 2024, it acquired risk and performance analytics assets from Wilshire Advisors for $40 million; and in January 2025, it secured Chicago-based investment management platform Enfusion for $1.5 billion, completing the transaction by April 2025.

To further enhance its analytics portfolio, Clearwater agreed in March 2025 to acquire Beacon—a provider of cross-asset modeling and risk analytics—for approximately $560 million. Additionally, it acquired Bistro, a portfolio visualization tool developed for Blackstone’s Credit & Insurance division, for $125 million.

In November 2025, private equity firm Thoma Bravo made a proposal to take Clearwater Analytics private amid competing bids from Permira and Warburg Pincus.

Products and services

Clearwater Analytics delivers SaaS solutions focused on automating investment accounting processes along with performance evaluation, compliance tracking, and risk reporting services to clients worldwide.

Executive team

The leadership team at Clearwater includes CEO and board member Sandeep Sahai; Cindy Blendu serves as Chief Transformation Officer; Jim Cox functions as CFO; Scott Erickson holds the position of President of Americas and New Markets; and Souvik Das acts as Chief Technology Officer.

Awards

• 2012 – Idaho Innovation Awards: Innovative Company of the Year
• 2013 – Captive Review: Technology Firm of the Year
• 2014 – Idaho Private 75
• 2019 – UK & European Captive Review Awards: Best Software Solution
• 2019 – Insurance Asset Management Awards: Technology Firm of the Year