CWAN traded at roughly $22.25 on December 19, 2025, rose to about $24.00 in overnight trading on December 21, signaling investor interest.

CWAN will continue normal operations through the process, and upon closing the company will be delisted from the NYSE and become privately held.

A go-shop period runs through January 23, 2026, with a possible 10-day extension, enabling CWAN to solicit alternative proposals though no guarantee of a superior offer.

Investors view the AI capabilities of Clearwater’s platform as a key growth driver underpinning the deal’s strategic rationale.

Disclosures include standard conflicts-of-interest notes and assurances of reporting integrity, alongside a notice about upcoming site upgrades and contact details.

The transaction is being reported by two sources familiar with the matter, and remains subject to closing conditions and regulatory approvals.

The transaction reflects ongoing private equity interest in financial software and data analytics platforms.

Activist investor Starboard Value has disclosed a nearly 5% stake, raising concerns about integration of recent acquisitions and potential valuation.

Under the terms, Clearwater shareholders would receive $24.55 per share in cash, with the deal carrying a roughly 40-47% premium depending on the comparison basis.

Permira and Warburg Pincus are negotiating an $8.2 billion deal to acquire Clearwater Analytics Holdings, including debt, in a move that would privatize the Boise-based financial software provider.

An investor group led by Permira and Warburg Pincus, with Temasek and Francisco Partners participation, has entered into a definitive agreement to buy CWAN for about $8.4 billion including debt.

The deal would take Clearwater private at $24.55 per share, representing a significant premium to recent trading levels.