Clearwater Analytics Holdings, which provides cloud-native software for investment accounting and analytics, raised $540 million by offering 30 million shares at $18, above the range of $14 to $16. New investor Wellington Management and insiders Dragoneer Investment Group and Durable Capital had indicated on $150 million worth of shares in the offering (28% of the deal).
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.
Clearwater Analytics Holdings 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 acted as joint bookrunners on the deal.
