Thoma Bravo announced on November 17 that it has submitted an offer to acquire Clearwater Analytics Holdings, Inc., a cloud‑native investment‑accounting platform. The bid follows earlier interest from Warburg Pincus and Permira, who had been exploring a sale of the company, and signals a potential bidding war among private‑equity buyers.
Clearwater’s platform delivers end‑to‑end investment accounting, performance, compliance, and risk reporting for institutional investors. In 2025 the company posted revenue of $205 million, up 77 % year‑over‑year, and adjusted EBITDA of $71 million, an 84 % increase. Recent acquisitions—Enfusion Inc. for $1.5 billion in April and Beacon Platform Inc. for $560 million in March—have expanded Clearwater’s front‑office and risk‑modeling capabilities, positioning it as a unified front‑to‑back solution provider.
Thoma Bravo’s interest is driven by Clearwater’s high‑margin, subscription‑based revenue model and its automation‑enabled retention engine. The company’s low‑overhead, high‑retention SaaS structure aligns with Thoma Bravo’s proven “buy‑and‑build” strategy for software businesses that generate durable recurring revenue. The addition of generative‑AI features to the platform further enhances automation and data insight, increasing the company’s competitive moat and appeal to a private‑equity buyer focused on scalable, technology‑driven growth.
The offer could accelerate a competitive bidding process, potentially leading to a sale that would reshape Clearwater’s strategic trajectory. A takeover would likely accelerate the integration of its recent acquisitions and the rollout of AI‑powered capabilities, while also providing a liquidity event for existing shareholders. The announcement also signals to the market that Clearwater’s valuation is attractive to large private‑equity firms, underscoring the strength of its recurring revenue base and the perceived upside from its front‑to‑back expansion strategy.
Investors have responded positively to the news, reflecting confidence in Clearwater’s business model and the premium that a private‑equity transaction could bring. The market’s reaction underscores the perceived value of Clearwater’s SaaS platform, its recent growth momentum, and the strategic fit with Thoma Bravo’s portfolio. The announcement marks a significant milestone in Clearwater’s evolution and sets the stage for a potentially transformative transaction.
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