Clearwater Analytics Holdings, Inc.
clearwateranalytics.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 7, 2026. Its latest SEC filing is a 15-12G from Jul 6, 2026.
10-Q for Q1 FY2026, filed May 7, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Provides cloud software for investment accounting, portfolio management and risk analysis to insurers, asset managers and other institutional investors.
10-K for FY2025, filed Feb 18, 2026CWAN brings transparency to the opaque world of investment management with what we believe is the industry’s most comprehensive single…View ↗
Our offerings integrate portfolio management, OEMS, investment accounting, reconciliation, regulatory reporting, performance, compliance…View ↗
We provide our clients with modern cloud-native software to replace these legacy systems. Our platform helps clients reduce cost, time…View ↗
How Did They Make Money?
Clients pay mainly for ongoing access to the software, with fees based on assets on the platform, users, data connections, market data and managed services. SaaS fees are generally billed monthly after the service month, while software licenses are billed annually in advance and professional services monthly as delivered.
10-K for FY2025, filed Feb 18, 2026We primarily have a recurring revenue model, excluding revenue from professional services and license-related revenue. We charge clients…View ↗
For the majority of sales, the Company bills its SaaS customers monthly in arrears based on a percentage of the average of the daily value…View ↗
The Company typically bills its customers for licenses and maintenance annually in advance and professional services are billed monthly in…View ↗
$731.4M
-
10-K for FY2025, filed Feb 18, 2026
$731.4M ↗
Who Were Their Customers?
Investment and finance executives select broad platform packages or narrower sets of tools; Clearwater reaches them through its sales teams and helps asset-manager clients bring in customers.
10-K for FY2025, filed Feb 18, 2026CWAN serves a broad universe of institutional clients across multiple end-markets. Today, our largest client end-markets are asset…View ↗
We continue to see significant demand for our offerings around the world, and our sales efforts are supported by a sales force of 272 team…View ↗
For all markets, we provide a suite of established “Hero Products” including Investment Accounting, PMS, and OEMS, with which we typically…View ↗
Our current core end-markets (asset management, insurance, hedge funds and asset owners) remain significantly unpenetrated today. We…View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $38.8M in FY2025, but brought in more cash than it spent: $164.3M of free cash flow.
10-K for FY2025, filed Feb 18, 2026
−$7.7MView ↗
10-K for FY2025, filed Feb 18, 2026
−$38.8MView ↗
10-K for FY2025, filed Feb 18, 2026
$164.3MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q1 FY2026, filed May 7, 2026
−$2.8MView ↗
- ▼ Now a loss
- vs $6.5M in Q1 FY2025
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Jun 25, 2026
Permira and Warburg Pincus completed their acquisition of Clearwater
Clearwater became a wholly owned subsidiary, and its stockholders received $24.55 per share in cash; its shares no longer trade on the New York Stock Exchange.
Sources
8-K, filed Jun 25, 2026
As described above, at the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement, (i) Parent…View ↗
Grew. Revenue grew 2.9x in 4 years, from $252M in FY2021 to $731.4M in FY2025, about 31% a year.
Broader investment operations
The earlier report describes investment accounting, reporting, performance, compliance and risk analytics. The latest report also includes portfolio and order management and describes a front-to-back platform across the investment lifecycle.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Feb 18, 2026
Who Did They Compete With?
Competes with SS&C, State Street, SAP, BNY Mellon, Deutsche Börse, BlackRock, FIS, Broadridge, Bloomberg AIM, LayerOne, Coremont, and Northern Trust
10-K for FY2025, filed Feb 18, 2026In each of our core client end-markets, we compete with a variety of firms depending on client size, type, location, computing environment…View ↗
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