Clearwater Analytics Holdings, Inc. (NYSE: CWAN)

Clearwater Analytics Holdings, Inc. provides a cloud-native AI-powered technology platform that simplifies investment management operations for institutional clients. The company’s front-to-back solution offers a single source of truth for global investment assets, integrating portfolio management, order execution and management systems, investment accounting, reconciliation, regulatory reporting, performance measurement, compliance monitoring, and risk analytics. Serving insurers, asset managers, hedge funds, banks, corporations, and government entities, Clearwater Analytics aggregates and normalizes data on over $10 trillion of global invested assets for over 2,500 clients as of December 31, 2025.

Clearwater Analytics generates revenue primarily through a recurring revenue model, excluding professional services and license-related revenue. Fees are charged based on factors including the scale and complexity of assets managed on the platform, number of users, data connections, market data usage, and managed services, which vary by product. The company uses a Base+ pricing structure for investment accounting solutions, comprising a base fee for a client’s book of business plus an incremental fee for increases in assets on the platform, designed to limit downside volatility in asset-based fees. This model allows for annual base fee increases and additional fees for alternative asset classes or supplementary products such as CWAN Private Credit, CWAN Private Funds, Reporting, PMS, OEMS, and Risk solutions.

The company operates through the following segments: Clearwater Core Platform, Alternative Asset Management, and Reporting and Distribution.

• Clearwater Core Platform: This segment delivers investment accounting, portfolio and order management, and risk and performance solutions across multiple asset classes, currencies, and accounting bases. It includes multi-asset class, multi-basis, and multi-currency accounting capabilities supporting over 60 local currencies, 30 functional currencies, and numerous reporting currencies. The segment enables clients to access a comprehensive view of holdings and related performance through a single pane of glass, with daily or on-demand configurable reporting and automated data validation from over 4,900 daily data feeds and more than four million modeled securities.

• Alternative Asset Management: This segment provides specialized solutions for private investments, including CWAN Private Funds and CWAN Private Credit. CWAN Private Funds offers a full-service platform for limited partnerships, automating data aggregation, normalization, and reporting for opaque investments such as mortgages, derivatives, and private capital markets. CWAN Private Credit delivers a comprehensive platform for managing the complete lifecycle of private credit investments, from origination and deal management to analytics, accounting, and reporting, with enhanced risk reporting and servicer tracking capabilities.

• Reporting and Distribution: This segment offers a modular, SaaS-based data and reporting solution that gathers, validates, standardizes, and normalizes data from independent sources to provide comprehensive investment, accounting, performance, and risk data access. It enables internal and external users to create highly customized client reports and integrates with third-party systems such as trade order management systems, Snowflake, data warehouses, and ERP systems. The segment supports automated feeds to eliminate manual data entry and provides actionable insights through a web-based, highly configurable interface.

Clearwater Analytics holds a strong position in the investment management technology market, competing with large-scale providers such as SS&C (Advent, CAMRA, Maximus, Singularity), State Street (PAM and outsourced services), SAP, BNY Mellon’s Eagle, Deutsche Börse’s Simcorp Dimension, BlackRock’s Aladdin, FIS’s iWorks, Broadridge, Bloomberg AIM, LayerOne, Coremont, and Northern Trust. The company differentiates itself through its single instance, multi-tenant architecture, powerful network effects from its centralized dataset, and AI-enabled automation, including over 900 AI agents and 400 daily automated AI workflows as of December 31, 2025. Its platform provides a “golden copy” of investment portfolio data, ensuring consistency, auditability, and traceability across client operations, which is a key competitive advantage in an industry marked by legacy, on-premises systems and fragmented point solutions.

Clearwater Analytics serves a broad universe of institutional clients across asset management, insurance, hedge funds, corporate treasuries, pension funds, sovereign wealth funds, endowments, foundations, and public sector entities including state and local governments. As of December 31, 2025, the company had over 2,500 clients across more than 50 countries, with $5.0 trillion in assets from insurance companies, $3.2 trillion from asset managers, and $1.4 trillion from corporations on its platform. Additionally, state, local, and education (SLED) entities held $0.4 trillion in assets, and bank/community foundations held $0.3 trillion. No single client accounted for more than 10% of revenue in 2025, and the top 10 clients represented less than 30% of total revenue, reflecting a diversified, blue-chip client base.