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Clearwater Analytics agrees to $8.4 billion takeover by Permira, Warburg

Clearwater Analytics agrees to $8.4 billion takeover by Permira, Warburg

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Clearwater Analytics agrees to $8.4 billion takeover by Permira, Warburg

Clearwater Analytics, a financial software provider, is being acquired in a deal worth roughly $8.4 billion. The transaction, led by private equity firms Permira and Warburg Pincus, marks one of the largest buyouts of 2026. Shareholders will receive $24.55 per share, a 10% premium over the current price and 47% higher than before sale talks began.

The acquisition follows months of pressure from activist investor Starboard Value, which took a near-5% stake in Clearwater Analytics. Starboard pushed the company to explore a sale if strong interest emerged. The deal values the firm’s equity at about $7 billion, with the total transaction including debt.

Clearwater Analytics, founded in 2004 and headquartered in Boise, Idaho, specialises in software for financial services and institutional clients. The company recently expanded by acquiring Enfusion for $1.5 billion, a platform serving asset managers and hedge funds. Its latest financial results showed rapid growth, with third-quarter revenue up 77% year-over-year to $205 million and adjusted earnings rising 84% to $71 million. Permira and Warburg Pincus were early backers of Clearwater Analytics, helping take it public in 2021. Both firms later sought to exit their holdings in 2023. The investor group now also includes Singapore’s Temasek Holdings and Francisco Partners. The deal is expected to close in early 2026, pending a go-shop period ending on January 23. For Permira and Warburg, this acquisition adds to a busy stretch. Permira recently agreed to sell Boats Group, while Warburg led a consortium buying ECN Capital in a deal valued at about C$1.9 billion, including debt.

The takeover will take Clearwater Analytics private again after its 2021 public listing. The company’s strong financial performance and recent expansion played a key role in attracting the $8.4 billion bid. The transaction remains subject to final approvals and the completion of the go-shop process.

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