Analogy 1: The Workday for investment portfolio accounting.

Analogy 2: TurboTax for institutional investment reporting.

• Clearwater Analytics Platform: A cloud-native SaaS FinTech solution providing automated investment accounting, performance measurement, risk analytics, and regulatory reporting for institutional investors.

Clearwater Analytics (CWAN) Major Customers

• JPMorgan Chase & Co. (representing J.P. Morgan Asset Management) - Symbol: JPM
• The Allstate Corporation - Symbol: ALL
• MetLife, Inc. - Symbol: MET
• Primerica, Inc. - Symbol: PRI
• Arch Capital Group Ltd. - Symbol: ACGL
• American Equity Investment Life Holding Company - Symbol: AEL
• AXA S.A. (parent company of AXA XL) - Symbol: AXA (Euronext Paris)
• Zurich Insurance Group AG - Symbol: ZURN (SIX Swiss Exchange)

• Insurance Companies: Including property and casualty, life, and reinsurance companies globally.
• Asset Managers & Investment Managers: Firms managing institutional investments for various clients.
• Corporate Treasuries: Large corporations managing their internal investment portfolios.
• Banks & Financial Institutions: Including wealth managers, credit unions, and pension funds.

Amazon.com, Inc. (AMZN)

Sandip Sahai Chief Executive Officer and Board Member

Sandeep Sahai has over 30 years of experience in the software and technology industry. He joined Clearwater Analytics as Executive Chairman in September 2016 and assumed the role of Chief Executive Officer in July 2018. Prior to Clearwater, Sahai served as President and CEO of Headstrong, a solutions and managed services provider to financial institutions worldwide, which was acquired by Genpact in 2011. He was also a founder and partner of the consulting firm TechSpan, CEO of SkanSoft, and spent 10 years with the HCL group. Sahai served as CEO of Solmark, an investment partnership, and as an Operating Partner at Welsh, Carson, Anderson & Stowe (WCAS), a private equity firm. He also held positions as Chairman of AIM Software and Board Member of Simeio Solutions.

Jim Cox Chief Financial Officer

Jim Cox was appointed Chief Financial Officer of Clearwater Analytics in 2019. He possesses extensive experience with public and private technology companies, including strategic transactions and integration activities. Before joining Clearwater, Cox served as CFO of Glassdoor, where he oversaw its preparation for an initial public offering (IPO) and its $1.2 billion acquisition by Recruit Holdings Co., Ltd. He also held CFO positions at Lithium Technologies and Advent Software. During his nine-year tenure at Advent, he oversaw a period of significant growth where revenue doubled and operating income tripled following the company's IPO. Earlier in his career, Cox held management roles at UTStarcom and PricewaterhouseCoopers (PwC).

Subi Sethi Chief Operating Officer

Subi Sethi was promoted to Chief Operating Officer in April 2025. During her five-year tenure at Clearwater, she has been instrumental in transforming the company's business operations, leading to significant improvements in gross margin and client satisfaction, and successfully establishing global operation centers. As COO, she focuses on enhancing the client experience through operational innovation and AI-driven solutions, and driving efficiency across operations.

Cindy Blendu Chief Administrative Officer

Cindy Blendu was promoted to Chief Administrative Officer in April 2025, expanding her responsibilities to include Human Resources, Corporate IT, and Facilities management. With over six years at Clearwater, Blendu has been crucial in fostering a culture of responsibility, accountability, and excellence, which has led to improved engagement, efficiency, and productivity within the organization. Her expertise lies in aligning people, technology, and corporate infrastructure to support Clearwater's growth.

Scott Erickson Chief Revenue Officer

Scott Erickson has served as Chief Revenue Officer (CRO) at Clearwater Analytics since April 2023. Prior to this role, he held various senior executive positions, including President of Americas and New Markets from 2021 to 2023, and Chief Operating Officer (COO) from 2017 to 2021. As CRO, he is focused on building high-performance teams and ensuring success for Clearwater clients globally.

Clearwater Analytics (CWAN) operates within a total addressable market (TAM) that the company itself estimates to be approximately $23.3 billion. Other reports cite a TAM of $23 billion, reflecting strategic acquisitions and an expanded offering across investment management technology. This global market encompasses their main products and services, which include SaaS-based investment accounting, reporting, performance, compliance, risk management, and analytics solutions.

Breaking down the market sizes for the key components of Clearwater Analytics' offerings:

• Investment Accounting Software: The global investment accounting software market was valued at approximately $7.21 billion in 2024 and is projected to reach $17.98 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.1% from 2026 to 2032. Another estimate places the global market at $5.7 billion in 2023, anticipated to grow to $12.8 billion by 2033. North America is a dominant region in this market, holding a significant share.
• Investment Management Software: The global investment management software market size was approximately $3.5 billion in 2023 and is projected to reach $7.6 billion by 2032, with a CAGR of 9.2%. North America held nearly 40% of the global market share in 2023.
• Risk Analytics: The global risk analytics market was valued at $40.8 billion in 2023, is poised to grow to $45.49 billion in 2024, and is projected to reach $108.68 billion by 2032, at a CAGR of 11.5% during the forecast period (2025-2032). Other estimates for the global market include $44.88 billion in 2024, projected to grow to $126.47 billion by 2033. North America holds the largest market share in risk analytics.

Clearwater Analytics (CWAN) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and Integration: The successful integration of recent acquisitions such as Enfusion, Beacon, and Bistro is a significant driver. These acquisitions have substantially contributed to past revenue growth by expanding Clearwater Analytics' market share and service offerings, and this trend is projected to continue. The company has also effectively improved the margin and profitability of these acquired entities, aligning them with Clearwater Analytics' standards.
2. Global Expansion and New Client Acquisition: Clearwater Analytics is actively pursuing opportunities for global expansion and has demonstrated a consistent ability to secure new clients across diverse financial sectors, including insurance companies, hedge funds, asset managers, and asset owners worldwide.
3. Technological Innovation, Particularly Generative AI: Substantial investments in research and development, with a specific emphasis on Generative AI, are expected to fuel future revenue. The company's "single instance, single security master architecture" enables rapid learning for AI models and agents, which is anticipated to drive significant growth in unit economics and enhance client efficiency through new product innovations. Clients are already experiencing benefits such as substantial reductions in manual reconciliation efforts and faster report generation.
4. Expansion of Total Addressable Market (TAM) and Upselling to Existing Clients: Clearwater Analytics is strategically expanding its Total Addressable Market, particularly within asset management. The company also continues to grow revenue from its existing client base by introducing new product innovations and successfully increasing its "wallet share" with current clients. The strong net revenue retention rate of its core platform underscores its ability to expand business with existing customers.
5. Front-to-Back Office Strategy: The company's expansion into front-office and middle-office capabilities, achieved through a combination of strategic acquisitions and internal platform development, positions Clearwater Analytics as a comprehensive solution across the entire investment lifecycle. This integrated approach aims to attract new clients seeking an end-to-end platform and deepen relationships with existing ones.

Share Repurchases

• Clearwater Analytics authorized a $100 million share repurchase program on September 3, 2025.
• This program aims to partially offset the dilutive impact of recent share issuances and reduce the company's public float.
• The company expects to complete this repurchase while also working to reduce its debt-to-EBITDA ratio below 3.0 by December 2026, leveraging significant excess free cash flows.

Share Issuance

• Clearwater Analytics completed its Initial Public Offering (IPO) in September 2021, raising $450 million by issuing 30 million shares at $14.00-$16.00 per share.
• Multiple secondary public offerings of Class A common stock occurred in 2023 and 2024 (e.g., 13 million shares in March 2023, 10 million shares in June 2023, 16.25 million shares in March 2024, 12 million shares in June 2024, and 25 million shares in November 2024), where the company itself did not receive proceeds, as these were sales by existing stockholders.
• The number of shares outstanding increased by 27.27% in the year leading up to November 5, 2025.

Outbound Investments

• In January 2025, Clearwater Analytics announced the acquisition of Enfusion for $1.5 billion, structured as a mix of cash and stock, to expand its front-office capabilities and create a comprehensive front-to-back investment management platform.
• Around early 2025, Clearwater Analytics acquired Beacon Platform for approximately $560 million (60% cash, remainder in stock), adding cross-asset class modeling and risk analytics capabilities.
• Also in early 2025, the company acquired Blackstone's Bistro, a portfolio visualization software, for $125 million ($10 million cash, remainder in stock).

Capital Expenditures

• Annual capital expenditures were reported as $5.26 million in 2024, $5.62 million in 2023, $7.76 million in 2022, and $5.03 million in 2021.
• Projected capital expenditures are $10 million for 2025 and $11 million for 2026.
• The primary focus of capital expenditures is for investing back into the business.