Clearwater Analytics Holdings, Inc. - CWAN STOCK NEWS

Clearwater Analytics (NYSE: CWAN) has appointed Scott Erickson as its first Chief Revenue Officer, effective April 4, 2023. With 18 years at Clearwater, Erickson will oversee global sales across Europe, Asia, and the Americas, driving the company's growth strategy. CEO Sandeep Sahai highlighted recent large wins in various regions and emphasized the transformative impact of Clearwater's SaaS platform for asset managers and insurers. To strengthen its European presence, Clearwater has also appointed key leaders in the region. Erickson's appointment follows the resignation of Gayatri Raman as President of Europe, who is leaving to focus on family.

Clearwater Analytics (NYSE: CWAN) has announced a partnership with BNP Paribas' Securities Services to deliver integrated investment accounting and reporting solutions alongside custodian services. This collaboration aims to address challenges asset owners face with legacy systems, enabling access to modern solutions that drive measurable business impact. With a global custody network spanning over 90 markets and management of EUR 11.1 trillion in assets, BNP Paribas provides extensive reach. The joint offering, which has begun benefiting clients like INTÉRIALE Mutual, is designed to streamline onboarding and enhance capital allocation decision-making across various asset classes.

Clearwater Analytics (NYSE: CWAN) announced that the receivership of Silicon Valley Bank (SVB) has a non-material impact on its operations. The Company does not hold deposits at SVB and its affiliate represents less than 1.5% of annualized recurring revenue as of December 31, 2022. Payments are current, and the client may continue its relationship with Clearwater, even if SVB's affiliate becomes inactive. Clearwater does not foresee any material exposure to SVB's situation, ensuring liquidity and treasury operations remain unaffected.

Clearwater Analytics Holdings, Inc. (NYSE: CWAN) announced the pricing of its underwritten secondary public offering of Class A common stock at $15.00 per share, totaling 13,000,000 shares to be sold by affiliates of Welsh, Carson, Anderson & Stowe. Clearwater will not receive any proceeds from this sale. The underwriters also have a 30-day option to purchase an additional 1,950,000 shares. The offering closes on March 13, 2023. J.P. Morgan, Morgan Stanley, and other firms are involved in the underwriting. The shares are offered under an effective shelf registration statement filed with the SEC on March 8, 2023.

On March 8, 2023, Clearwater Analytics announced a secondary public offering of 13,000,000 shares of its Class A common stock, facilitated by certain affiliates of Welsh, Carson, Anderson & Stowe. The affiliates plan to grant underwriters a 30-day option to purchase an additional 1,950,000 shares. Notably, the company will not receive any proceeds from this sale. The offering, which is subject to market conditions, is being offered under an automatically effective shelf registration statement filed with the SEC. Clearwater Analytics is recognized for its SaaS-based investment accounting and analytics solutions, managing over $6.4 trillion in assets.

On February 22, 2023, Clearwater Analytics (NYSE: CWAN) announced its partnership with OneUnited Bank and IntraFi to launch a fully FDIC-insured deposit program. Clearwater provides a technology platform enabling mutual corporate clients to manage deposits efficiently, enhancing access to financial products for minority communities. OneUnited Bank, the largest Black-owned bank in the U.S., aims to attract corporate deposits ranging from $1 million to $50 million. This initiative not only supports low-to-middle income communities but also aligns with corporations' ESG and DEI objectives, creating a streamlined way for firms to fulfill their social responsibility commitments.

Clearwater Analytics reported robust Q4 2022 results, achieving $82.7 million in revenue, marking an 18.5% year-over-year growth. Full-year revenue reached $303.4 million, up 20%. The company reported an EBITDA margin of 29.4% and generated $16.6 million in free cash flow during Q4. Annualized recurring revenue (ARR) was $323.5 million, reflecting a 16.4% increase. However, a net loss of $2.0 million was recorded, contrasting with a net income of $0.1 million in Q4 2021. Clearwater's guidance for Q1 2023 indicates projected revenue growth of ~17%.