Clearwater Analytics Holdings (NYSE: CWAN) is a cloud-native investment management software company that provides portfolio accounting, reporting, and analytics for institutional asset owners and managers. It makes money primarily through recurring fees tied to the scale and complexity of assets managed on its platform, including base fees plus incremental charges for asset growth, users, data connections, market data, and managed services. As of December 31, 2025, the platform aggregated and normalized data on over $10 trillion of global invested assets for more than 2,500 clients. CWAN operates on a single-instance, multi-tenant architecture that processes data from more than 4,900 daily data feeds and over four million modeled securities. The company reported a gross revenue retention rate of at least 98% in 27 of the past 28 quarters through FY2025. On December 20, 2025, CWAN entered a merger agreement to be acquired by an investor group led by Permira and Warburg Pincus, along with Temasek and Francisco Partners, in a transaction valued at approximately $8.4 billion.

Revenue model

Primarily recurring subscription fees priced through a Base+ structure: a base fee for a client's book of business plus incremental fees for asset growth on the platform. Additional fees charged for users, data connections, market data, and managed services. Non-recurring revenue includes professional services and license-related fees.

Products and services

Investment accounting, portfolio management, order and execution management (OEMS), reconciliation, regulatory reporting, performance measurement, compliance, and risk analytics. Products include CWAN Private Funds, CWAN Private Credit, Beacon platform (risk management), Bistro (private credit assets data visualization), and integrated capabilities from the Enfusion acquisition (IBOR, portfolio and order management, front-office risk analytics).

Customers and end markets

Over 2,500 clients as of December 31, 2025, including insurers, asset managers, hedge funds, banks, corporations, and government entities. End markets include traditional asset classes and alternative assets. Sales efforts target large financial institutions, corporations, and government entities.

Value-chain role

Middle- and back-office software provider for institutional investment operations. Aggregates, reconciles, and validates data from custodians, counterparties, and market data sources, then delivers accounting, reporting, and analytics outputs to investment teams and stakeholders.

Geographic exposure

Global platform with multi-currency and multi-country asset coverage. JUMP Technology acquisition adds European presence (JUMP Technology SAS, Luxembourg subsidiary). Wilshire Advisors acquisition adds additional analytics capabilities.

Source: SEC 10-K, filed 2026-02-18

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