Clearwater Analytics Holdings, Inc. - SaaS Valuation Profile CWAN

Clearwater Analytics is a SaaS provider of automated investment accounting, reporting, and analytics for institutional investors, asset managers, insurance companies, corporations, and government entities. Douglas Bates and Srinivasan Venkataraman founded it in 2004 in Boise, Idaho. The platform aggregates, reconciles, and reports on investment portfolio data across all asset classes, custodians, and geographies from a single cloud-native system.

The platform automates processes that have traditionally been manual and error-prone. Daily portfolio reconciliation, multi-GAAP accounting (GAAP, IFRS, statutory), performance measurement, regulatory reporting, risk analytics, and compliance monitoring all happen automatically. Data flows in directly from custodian banks, brokers, and data providers. The system normalizes it into a golden record and applies accounting rules to produce accurate, auditable financial statements and regulatory filings daily.

A key differentiator is the single-instance, multi-tenant architecture. Every client runs on the same software version and benefits simultaneously from new features, regulatory updates, and data improvements. Coverage extends across virtually all asset classes: fixed income, equities, alternatives, derivatives, bank loans, mortgage-backed securities, and private assets.

Over 1,300 clients use the platform, representing trillions of dollars in assets under administration. Major insurance companies, asset managers, corporations, and public pension funds make up the customer base. Annual revenue is roughly $450 million. Gross revenue retention sits above 98%, one of the highest rates in SaaS. Gross margins exceed 75%. Annual recurring revenue growth has been consistently above 20%. About 2,000 employees work across offices in the US, Edinburgh, and India.