Welsh Carson-backed Clearwater Analytics files for U.S. IPO (updated)

Amerisafe

30/08/2021 19:33

(Adds financial details, background)
    Aug 30 (Reuters) - Clearwater Analytics, an investment
management software company backed by buyout firm Welsh Carson,
filed paperwork with U.S. regulators for an initial public
offering (IPO) on Monday. 
    The Boise, Idaho-based company did not reveal the terms of
its offering in its filing https://www.sec.gov/Archives/edgar/data/1866368/000119312521260325/d179113ds1.htm#rom179113_17,
 which showed a 24% year-over-year growth in revenue for the six
months ended June 30.
    Clearwater makes software that helps financial and other
companies manage their investment portfolios.
    Welsh Carson was exploring the sale of Clearwater for around
$2 billion in August last year, Reuters had reported https://www.reuters.com/article/us-clearwater-m-a-idUSKCN2502K7,
 citing people familiar with the matter. 
    Options that were being considered, beyond a sale, included
an initial public offering or recapitalization to support the
company's ongoing expansion in Europe and Asia.
    Private equity firms Permira and Warburg Pincus have also
invested in Clearwater, which has offices in the United States,
United Kingdom, Singapore and India. 
    The company aggregates and reports on more than $5.6
trillion assets globally for over 1,000 clients, its filing
showed. Its clients include Cisco Systems Inc  CSCO.O , Facebook
Inc  FB.O , Oracle Corp  ORCL.N  and Sompo Holdings Inc
 8630.T , according to its website. 
    Bloomberg was the first to report https://www.bloomberg.com/news/articles/2021-07-20/clearwater-analytics-said-to-weigh-ip0-at-4-billion-plus-value?srnd=premium-asia&sref=2h1zKciy
 that the company was targeting a valuation of more than $4
billion in its IPO.
    Clearwater plans to list on the New York Stock Exchange
under the ticker symbol "CWAN". 
    Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead
bookrunners for the IPO.

 (Reporting by Sohini Podder in Bengaluru; Editing by
Ramakrishnan M. and Amy Caren Daniel)
 ((Sohini.Podder@thomsonreuters.com;))