Clearwater Analytics Holdings, which provides cloud-native software for investment accounting and analytics, filed on Monday with the SEC to raise up to $100 million.
Clearwater provides cloud-native software that allows clients to simplify their investment accounting operations. Its platform provides comprehensive accounting, data, and advanced analytics, as well as highly-configurable reporting for global investment assets daily or on-demand. The company serves more than 1,000 clients, and it has achieved an approximate 80% win rate for new clients over the prior four years in deals that reached the proposal stage. Clearwater has a 100% recurring revenue model, charging clients a fee primarily based on the amount of assets they manage on the Clearwater platform, subject to contracted minimums.
The Boise, ID-based company was founded in 2004 and booked $226 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol CWAN. Goldman Sachs, J.P. Morgan, Morgan Stanley, Credit Suisse, RBC Capital Markets, Wells Fargo Securities, Oppenheimer & Co., Piper Sandler, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
