Permira & Warburg Pincus to take Clearwater Analytics private at ~$8.4B

In December 2025, Boise, ID–based investment accounting SaaS company Clearwater Analytics (NYSE: CWAN) agreed to be acquired for approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, with participation from Temasek and key support from Francisco Partners.

Clearwater provides SaaS investment accounting, analytics, and reporting for institutional investors. Warburg Pincus was already a pre-IPO investor (2020 LATE VC alongside Permira and others). The take-private is a flagship U.S. fintech/software PE transaction for the firm — co-led with Permira, not a sole-sponsor LBO.

Source: Warburg Pincus — Clearwater $8.4B acquisition announcement: https://warburgpincus.com/2025/12/21/clearwater-analytics-to-be-acquired-for-8-4-billion-by-permira-and-warburg-pincus-supported-by-francisco-partners-and-with-participation-from-temasek/
SEC Form 8-K (deal filing): https://www.sec.gov/Archives/edgar/data/1866368/000119312526282050/d21570d8k.htm