Clearwater Analytics Files to Go Public—When to Expect IPO Details

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Aug. 31 2021, Published 9:33 a.m. ET

An investment management software company filed the initial paperwork to go public as of Aug. 30. Clearwater Analytics provides software to help facilitate the work of financial companies and others through portfolio management.

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The company is based in Boise, Idaho, and offers the first and only investment-based accounting solution using SaaS (software-as-a-service) strategies. In July, Bloomberg reported that the company could be seeking as high as a $4 billion valuation in the IPO, although that figure isn't certain.

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Clearwater Analytics history

Currently, Clearwater Analytics software is used by over 1,000 organizations to deliver daily customizable reports. The software aggregates and reports on over $5.6 trillion worth of assets, with over 13,000 users on its system. The automated reports can reduce companies’ manual workload and provide analytics on a wide variety of data in one platform.

According to Clearwater Analytics' website, organizations counted among its clients are Best Buy, Facebook, Cisco Systems, the Knights of Columbus, Starbucks, and American Family Insurance.

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Clearwater Analytics has its global headquarters in Boise, Idaho, with other offices in Edinburgh, London, New Delhi, New York, and Singapore. The company's mission is to “Become the world’s most trusted and comprehensive technology platform for investment accounting and analytics.”

The company's primary products provide automated data aggregation and validation, investment accounting, and integrated reporting tools. Clients can also easily view their portfolio data from anywhere with an internet connection. The data is stored on a private cloud of Clearwater’s own secure data warehouses.

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The firm is led by CEO Sandeep Sahai. The chief technology officer is Souvik Das and the chief financial officer is Jim Cox.

The company has won several technology awards over the past few years:

  • Best Cloud-Based Back/Middle Office Solution (2021)

  • Technology Firm of the Year (2019)

  • IFRS 9 Solution Provider of the Year (2020)

  • Best Client Reporting Solution (2021)

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Clearwater Analytics' financials

Clearwater Analytics has been backed by Welsh Carson, a buyout firm. Reportedly, Welsh Carson considered a $2 billion sale of the software firm last August, which didn't occur.

clearwater analytics ipo
Source: Clearwater Analytics Twitter
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In October 2020, Clearwater Analytics raised new investment funds from the firms Permira, Warburg Pincus, Dragoneer Investment Group and Durable Capital. Welsh, Carson, Anderson & Stowe (WCAS) remained the majority shareholder after that raise.

The company showed 24 percent YoY revenue growth for the six months ended June 30, 2021, according to Reuters.

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Clearwater Analytics' IPO date, price, and symbol

There isn't a specific Clearwater Analytics IPO date at this time since the company just announced the filing of its registration statement on Form S-1 with the SEC. The IPO will be for shares of the company’s Class A common stock.

A price and the number of shares on offer haven't been announced yet, although reports speculated on a possible $4 billion valuation for the company. Clearwater Analytics intends to list on the NYSE using the new ticker symbol “CWAN.”

The lead bookrunners for the Clearwater Analytics IPO are Goldman Sachs, J.P. Morgan, and Morgan Stanley.

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