The Goodwin Public M&A and Technology teams advised Enfusion (NYSE: ENFN), a leader in software-as-a-service (SaaS) solutions for the investment management and hedge fund industry, on its sale to Clearwater Analytics (NYSE: CWAN). The purchase price is $11.25 per share, delivered in an approximately equal mix of cash and stock. Additionally, Clearwater will pay $30 million to terminate Enfusion’s tax receivable agreement (TRA). This equates to a purchase price of approximately $1.5 billion.
Under the terms of the merger agreement, Enfusion shareholders will be able to elect to receive mixed cash/stock consideration, or all-cash or all-stock consideration, subject to proration to the extent cash or stock is oversubscribed.
Enfusion's investment management software-as-a-service platform removes traditional information boundaries, uniting front-, middle- and back-office teams on one system. Through its software, analytics, and middle/back-office managed services, Enfusion creates enterprise-wide cultures of real-time, data- driven intelligence and collaboration boosting agility and powering growth. Enfusion partners with over 850 investment managers from 9 global offices spanning four continents.
Clearwater Analytics, 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.
The Goodwin team was led by Gregg Katz, Joshua Zachariah, James Ding, Wei Xu, Evan Lee, Andrea Akinbola, and Tucker Smith, and included Sarah Bock, Morgan Frisoli, Rahat Shaheen Tariq, Andy Lacy, John Goheen, Eram Khan, Ortal Ben Aharon, Arom Yun, Deborah Birnbach, Toni Wormald, Steve Charkoudian, Samuel Honnywill, Xander Flynn-Tabloff, Alexander Phillipp Apostolopoulos, Justin Pierce, Nicole Fontes, Fredrik Hellstrom, Jason Wu, Oscar Barron-Guerrera, and Jacqueline Klosek with assistance from Katelyn Cidlevich and Amanda Burton.
For more information on the deal, please read the transaction announcement press release.