Clearwater Analytics and Enfusion have entered into a definitive merger agreement for Clearwater to acquire Enfusion, a provider of SaaS solutions for the investment management and hedge fund industry. The purchase price is USD11.25 per share, delivered in an approximately equal mix of cash and stock. Additionally, Clearwater will pay USD30m to terminate Enfusion’s tax receivable agreement (TRA). This equates to a purchase price of approximately USD1.5bn. The acquisition of Enfusion accelerates Clearwater’s vision of building the first cloud-native front-to-back platform for the entire investment management industry.
