Clearwater Analytics Holdings, Inc. - SaaS Valuation Profile CWAN

Clearwater Analytics Holdings, Inc. is a leading SaaS provider of automated investment accounting, reporting, and analytics solutions for institutional investors, asset managers, insurance companies, corporations, and government entities. Founded in 2004 by Douglas Bates and Srinivasan Venkataraman, and headquartered in Boise, Idaho, Clearwater delivers a single cloud-native platform that aggregates, reconciles, and reports on investment portfolio data across all asset classes, custodians, and geographies.

The Clearwater platform automates the traditionally manual and error-prone processes of investment accounting, including daily portfolio reconciliation, multi-GAAP accounting (GAAP, IFRS, statutory), performance measurement, regulatory reporting, risk analytics, and compliance monitoring. The platform ingests data directly from custodian banks, brokers, and data providers, normalizes it into a golden record, and applies automated accounting rules to produce accurate, auditable financial statements and regulatory filings on a daily basis.

A key differentiator is Clearwater's single-instance, multi-tenant SaaS architecture, which ensures all clients operate on the same version of the software and benefit simultaneously from new features, regulatory updates, and data enhancements. The platform covers virtually all asset classes including fixed income, equities, alternatives, derivatives, bank loans, mortgage-backed securities, and private assets.

Clearwater serves over 1,300 clients representing trillions of dollars in assets under administration, including major insurance companies, asset managers, corporations, and public pension funds. The company generates approximately $450 million in annual revenue, with a gross revenue retention rate above 98% — among the highest in SaaS. Gross margins exceed 75%, and annual recurring revenue growth has been consistently above 20%. Clearwater employs approximately 2,000 people globally, with offices in the U.S., Edinburgh, and India.