M&A · Tech · Services-Prepackaged Software
Clearwater Analytics Holdings, Inc. to acquire Enfusion, Inc.
Announced Jan 13, 2025 · Closed Apr 21, 2025
Deal value$1.50BEV $1.50B
Premium13.0%To unaffected price
EV / Adj. EBITDA—7.7x EV / Revenue
ConsiderationCash and stock$11.25 per share
Transaction
- Acquirer
- Clearwater Analytics Holdings, Inc. (CWAN)
- Target
- Enfusion, Inc. (ENFN)
- Buyer type
- Strategic
- Offer price per share
- $11.25
- Enterprise value
- $1.50B
- Status
- Closed Apr 21, 2025
Deal protections
- Break fee (target pays)
- $105M · 7.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 59 in the prior 24 months
- Premium
- 13.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.3x
- Break fee
- 7.0% vs. 3.1% sector median
Timeline
- AnnouncedJan 13, 2025
- Proxy filedMar 20, 2025
- Definitive proxyMar 20, 2025
- Shareholder voteApr 17, 2025
- ClosedApr 21, 2025
Valuation · fairness opinions
Discounted cash flow$7.80$11.90
Future share price$7.30$13.20
Precedent transactions$9.10$12.60
Premiums paid$9.40$12.40
Offer $11.25
Implied value per Enfusion, Inc. share by analysis, from Goldman Sachs · DCF discount rate 11%–13%.