Dec 22, 2025 - Business

Clearwater Analytics going private in $8.4 billion deal

Dan Primack

Illustration of a boomerang flying over Benjamin Franklin's head. — Illustration: Aïda Amer/Axios

Private equity firms Permira and Warburg Pincus have agreed to acquire Clearwater Analytics, a Boise, Idaho-based investment and accounting software maker, for $8.4 billion (including assumed debt).

The big picture: It's a boomerang buyout for Permira and Warburg Pincus, which both invested in Clearwater in 2020 and helped take it public one year later.

Each firm still holds more than a 2% stake in the company, per S&P Capital IQ, with Warburg Pincus partner Cary Davis remaining on its board of directors.

Zoom in: Francisco Partners and Temasek also are participating on the buyside.

Clearwater shareholders will receive $24.55 per share in cash, a 47% premium over where shares traded before mid-November reports of a possible deal.
Activist investor Starboard Value last week disclosed around a 5% position in Clearwater, calling it undervalued.

Go deeper, via Reuters: "The company operates a single, multi-tenant cloud platform that aggregates portfolio data and performs complex accounting and analytics in one place."

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Clearwater Analytics going private in $8.4 billion deal

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