— Market-Leading Clearwater to Leverage New Partners to Drive Growth into New Markets, Including Europe and Asia-Pacific; Continue Its Aggressive Investment in R&D and Innovation; and Pursue Transformative M&A Opportunities —
— Welsh, Carson, Anderson & Stowe to Remain Majority Shareholder —
Clearwater Analytics, the market-leading SaaS provider of investment accounting and analytics, announced today that it will receive a new investment led by investment firms Permira, Warburg Pincus, Dragoneer Investment Group and Durable Capital. Welsh, Carson, Anderson & Stowe (WCAS), which first invested in Clearwater in 2016, will remain the Company’s majority shareholder, and Sandeep Sahai will continue as Clearwater’s Chief Executive Officer.
Clearwater Analytics helps thousands of leading corporations, insurance companies and asset managers by providing unified, highly-compliant, and powerfully-automated investment accounting, reporting, and analytics. The new investor group will further Clearwater’s innovative leadership and strong organic growth as it brings its solutions to the global marketplace and enable transformative M&A opportunities in the years ahead.
Each day, the Clearwater solution serves more than $4 trillion in assets for clients that include some of the most respected companies in the world including: American Family Insurance, Arch Capital, Aureum Re, Cisco, CopperPoint Mutual Company, C.V. Starr & Co., Facebook, J.P. Morgan, Knights of Columbus Insurance, Oracle, Selective Insurance, Sirius Group, Sompo International, Starbucks, Unum Group, WellCare Health Plans, and Wilton Re. Investment professionals in 49 countries trust Clearwater to deliver timely, accurate, and auditable data, accounting and analytics solutions that are mission-critical to their businesses.
Sandeep Sahai, Chief Executive Officer of Clearwater Analytics, said, “Our new partnership with Permira, Warburg Pincus, Dragoneer, and Durable, builds upon our very strong relationship with WCAS and continues the momentum Clearwater has achieved as the innovative leader in the investment accounting and analytics market. We remain 100% focused on bringing our clients the best solutions and service quality in the world. We look forward to benefitting from all of our partners’ deep domain expertise, global resources, and growth capital as we continue to extend Clearwater’s international reach and advance our solution set for our valued clients.”
Eric J. Lee, Clearwater’s Chairman and a WCAS General Partner, said, “Clearwater’s strong growth has been built on its fundamental commitment to client success, quality and innovation. Every decision the Company makes starts with these principles. Despite the challenging backdrop in 2020, Clearwater has won significant new client mandates as it pursues its vision of becoming the world’s most trusted and comprehensive technology platform for investment accounting and analytics. We are incredibly grateful for, and proud of, our partnership with Sandeep Sahai and the Clearwater team and are pleased to welcome this group of world-class growth investors to support the Company’s pursuit of global market leadership.”
Andrew Young, Principal and Fintech lead at Permira, added, “At Permira, we look to partner with companies with differentiated technology solutions serving large market opportunities, and Clearwater is a perfect fit. We look forward to supporting Clearwater’s continued growth in a number of large vertical markets worldwide. With one of the highest Net Promoter Scores among all SaaS companies, the company’s strong focus on its clients is clear. We are excited to help enable Clearwater’s vision of becoming the world’s most trusted and comprehensive technology platform for investment accounting and analytics.”
“We are very excited about Clearwater’s long-term prospects and its plan to continue its expansion into new markets and geographies,” said Cary Davis, Managing Director, Warburg Pincus. “The senior Clearwater team, led by Sandeep Sahai, has established the company as the true market leader and we are excited to help write the next chapter in Clearwater’s growth,” added Chandler Reedy, Managing Director, Warburg Pincus.
Goldman Sachs & Co. LLC and Credit Suisse served as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Clearwater Analytics. Warburg Pincus was advised by Simpson Thacher & Bartlett LLP.