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Clearwater Analytics Announces Launch of Secondary Offering of Class A Common Stock

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Clearwater Analytics (NYSE: CWAN) has announced a secondary public offering of 25,000,000 shares of Class A common stock. The offering is being conducted on behalf of affiliates of Welsh, Carson, Anderson & Stowe, Warburg Pincus , and Permira Advisers J.P. Morgan is acting as the sole underwriter and book-running manager. The company will not receive any proceeds from the sale. The shares will be offered through negotiated transactions or at prevailing market prices under an automatically effective shelf registration statement filed with the SEC.

Clearwater Analytics (NYSE: CWAN) ha annunciato un'offerta pubblica secondaria di 25.000.000 azioni di azioni ordinarie di Classe A. L'offerta viene effettuata per conto di affiliati di Welsh, Carson, Anderson & Stowe, Warburg Pincus e Permira Advisers. J.P. Morgan funge da unico sottoscrittore e manager di book-running. La società non riceverà alcun provento dalla vendita. Le azioni saranno offerte tramite transazioni negoziate o a prezzi di mercato prevalenti secondo una dichiarazione di registrazione shelf automaticamente efficace depositata presso la SEC.

Clearwater Analytics (NYSE: CWAN) ha anunciado una oferta pública secundaria de 25,000,000 de acciones de acciones ordinarias de Clase A. La oferta se está realizando en nombre de afiliados de Welsh, Carson, Anderson & Stowe, Warburg Pincus y Permira Advisers. J.P. Morgan actúa como el único suscriptor y gerente de book-running. La empresa no recibirá ningún ingreso por la venta. Las acciones se ofrecerán a través de transacciones negociadas o a precios de mercado existentes bajo una declaración de registro shelf automáticamente efectiva presentada ante la SEC.

클리어워터 애널리틱스 (NYSE: CWAN)는 25,000,000주 클래스 A 보통주의 2차 공개 매각을 발표했습니다. 이 제시는 Welsh, Carson, Anderson & Stowe, Warburg Pincus 및 Permira Advisers의 관계자들을 위해 진행됩니다. J.P. 모건은 단독 인수인 및 북런닝 매니저로 활동하고 있습니다. 회사는 판매로 인한 수익을 전혀 받지 않습니다. 주식은 협상 거래 또는 SEC에 제출된 자동으로 효력이 발생하는 선등록 문서에 따라 현행 시장 가격으로 제공됩니다.

Clearwater Analytics (NYSE: CWAN) a annoncé une offre publique secondaire de 25 000 000 d'actions ordinaires de classe A. L'offre est réalisée pour le compte des affiliés de Welsh, Carson, Anderson & Stowe, Warburg Pincus et Permira Advisers. J.P. Morgan agit en tant que seul souscripteur et gestionnaire de book-running. La société ne recevra aucun produit de la vente. Les actions seront proposées par le biais de transactions négociées ou aux prix de marché en vigueur, selon une déclaration d'enregistrement shelf automatiquement efficace déposée auprès de la SEC.

Clearwater Analytics (NYSE: CWAN) hat ein öffentliches Angebot von 25.000.000 Aktien der Klasse A der Stammaktien angekündigt. Das Angebot wird im Auftrag von Tochtergesellschaften von Welsh, Carson, Anderson & Stowe, Warburg Pincus und Permira Advisers durchgeführt. J.P. Morgan fungiert als alleiniger Underwriter und Book-Running-Manager. Das Unternehmen erhält aus dem Verkauf keine Einnahmen. Die Aktien werden durch verhandelte Transaktionen oder zu den aktuellen Marktpreisen gemäß einem automatisch wirksamen Shelf-Registrierungsformular, das bei der SEC eingereicht wurde, angeboten.

Positive
  • None.
Negative
  • Large secondary offering of 25M shares could create selling pressure
  • Company receives no proceeds from the sale
  • Major shareholders reducing their positions

Insights

This secondary offering of 25 million shares represents a significant liquidity event for major private equity investors. The sale by Welsh Carson, Warburg Pincus and Permira signals a typical PE exit strategy, though the timing and size suggest confidence in current market conditions. With CWAN's current market cap around 7 billion, this offering represents approximately 15% of the company's value.

The offering's structure, utilizing an existing shelf registration, indicates efficient execution. While the company won't receive proceeds, the increased float could improve trading liquidity. However, large insider sales typically create short-term selling pressure. JPMorgan's sole management of the offering suggests controlled distribution to minimize market impact.

BOISE, Idaho--(BUSINESS WIRE)-- Clearwater Analytics Holdings, Inc. (“Clearwater” or the “Company”) (NYSE: CWAN), a leading worldwide provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that it has launched an underwritten secondary public offering of an aggregate of 25,000,000 shares of the Company’s Class A common stock, par value $0.001 per share (the “Common Stock”). The Company is conducting a resale of Common Stock on behalf of certain affiliates of each of Welsh, Carson, Anderson & Stowe, Warburg Pincus LLC and Permira Advisers LLC (collectively, the “Selling Stockholders”). The Company will not receive any proceeds from the sale of the Common Stock by the Selling Stockholders. The underwriter will offer the shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The Common Stock is listed on the New York Stock Exchange under the ticker symbol “CWAN.”

J.P. Morgan is acting as the underwriter and sole book-running manager for the proposed offering.

Shares of the Common Stock are being offered in this proposed offering pursuant to an automatically effective shelf registration statement on Form S-3 filed with the United States Securities and Exchange Commission (the “SEC”) on March 8, 2023. A prospectus relating to and describing the terms of the proposed offering will be filed with the SEC and may be obtained from: J.P. Morgan Securities, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Clearwater Analytics

Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than $7.3 trillion in assets spanning traditional and alternative asset types.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the terms of the proposed public offering, the Company’s possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry, economic and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms, but are not the exclusive means of identifying such statements.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 filed with the SEC on November 6, 2024 and in other periodic reports filed by the Company with the SEC. These filings are available at www.sec.gov and on the Company’s website. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing the Company’s expectations or beliefs as of any date subsequent to the time they are made. The Company does not undertake to and specifically declines any obligation to update any forward-looking statements that may be made from time to time by or on behalf of the Company.

Investors:

Joon Park | +1 415-906-9242 | investors@clearwaternanalytics.com

Media:

Claudia Cahill | +1 703-728-1221 | press@clearwateranalytics.com

Source: Clearwater Analytics Holdings, Inc.

FAQ

How many shares are being offered in Clearwater Analytics (CWAN) secondary offering?

Clearwater Analytics is offering 25,000,000 shares of Class A common stock in the secondary public offering.

Who are the selling stockholders in CWAN's secondary offering?

The selling stockholders are affiliates of Welsh, Carson, Anderson & Stowe, Warburg Pincus , and Permira Advisers

Will Clearwater Analytics (CWAN) receive proceeds from the secondary offering?

No, Clearwater Analytics will not receive any proceeds from the sale of the Class A common stock by the selling stockholders.

Who is the underwriter for CWAN's secondary offering?

J.P. Morgan is acting as the underwriter and sole book-running manager for the proposed offering.

Clearwater Analytics Holdings, Inc.

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