:Clearwater Analytics has agreed to acquire rival Enfusion in a $1.5 billion cash-and-stock deal as the financial software maker looks to bolster its international presence and enter the hedge fund industry.
Enfusion shareholders will receive $5.85 in cash and $5.40 in Clearwater stock for each share, valuing the Chicago-based firm at $11.25 per share, the companies said on Monday.
The value is a 32 per cent premium to its close on Sep. 19 when Reuters had exclusively reported that Enfusion was exploring options including a sale after receiving takeover interest from potential suitors, including private equity firms.
The company had previously in 2023 also fielded acquisition interest from several potential acquirers, including Francisco Partners, Vista Equity Partners and Irenic Capital Management.
Enfusion, primarily serving hedge funds, provides portfolio management and risk systems to investment funds, and expects a revenue of $201 million to $202 million in 2024.
Certain shareholders affiliated with investment firms FTV Management Company and ICONIQ Capital and Enfusion CEO Oleg Movchan, who collectively hold about 45 per cent of voting power, have agreed to support the deal.
J.P. Morgan Securities and Kirkland & Ellis advised Clearwater Analytics, while Goldman Sachs and Dechert advised Enfusion's special committee. Goodwin Procter advised Enfusion.
The deal is expected to close in the second quarter of 2025.
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