Services-Prepackaged SoftwareIFRS · EUR

Clearwater Analytics Holdings, Inc.

Clearwater Analytics Holdings, Inc. builds cloud-native software for investment accounting, portfolio management, risk, analytics, and client reporting. The company serves institutional investors and asset managers that want a unified, real-time view of public and private assets across the front-, middle-, and back-office. Following the Enfusion, Beacon, and Bistro transactions in 2025, Clearwater is extending its platform toward a broader front-to-back investment management suite.

Kysy yhtiöstä
Liikevaihto731milj. EUR
+61,9 %v/v
Liikevoitto (EBIT)−7,7milj. EUR
−162,8 %v/v
EBIT-marginaali−1,1%
−3,8 %-yks.v/v
Nettotulos−38,8milj. EUR
−109,1 %v/v
Vapaa kassavirta164milj. EUR
+138,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2000200400600800milj. EUR2020: 203 milj. EUR2020: EBIT −20 milj. EUR20202021: 252 milj. EUR2021: EBIT 28 milj. EUR20212022: 303 milj. EUR2022: EBIT 5,1 milj. EUR20222023: 368 milj. EUR2023: EBIT −17 milj. EUR20232024: 452 milj. EUR2024: EBIT 12 milj. EUR20242025: 731 milj. EUR2025: EBIT −7,7 milj. EUR2025731−7,7
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Clearwater Analytics Holdings, Inc.

Liiketoiminta

Osuus liikevaihdosta
Investment accounting and reporting40 %

Core cloud-native accounting, data, and configurable reporting for investment portfolios.

Portfolio and order management20 %

Front-office PMS and OEMS capabilities used to manage portfolios and trade workflows.

Risk and performance analytics15 %

Tools for risk measurement, performance analysis, and decision support across portfolios.

Alternatives and private assets solutions10 %

Capabilities for private credit, structured products, and other alternative assets.

Client reporting and interaction15 %

Reporting workflows and client-facing interaction tools that support service delivery.

Asiakkaat

Clearwater sells primarily to institutional investment organizations that need to replace legacy, fragmented systems with a single platform. Its core end-markets are asset managers, insurance companies, hedge funds, and asset owners, with additional growth focus on governments, pension funds, sovereign wealth funds, endowments, and foundations. Customers buy the platform to improve investment decision-making, compliance, reporting speed, and operational efficiency.

Asset managers

Buy investment accounting, PMS, OEMS, and reporting to run multi-asset portfolios and scale operations.

Insurance

Use Clearwater to manage investment accounting, compliance, and analytics for large balance-sheet portfolios.

Asset owners

Corporates, governments, endowments, energy firms, and sell-side banks buy reporting and transparency tools.

Hedge funds

Adopt Enfusion front-office and Clearwater middle/back-office tools for real-time portfolio control.

Nascent institutional buyers

State and local governments, pension funds, sovereign wealth funds, endowments, and foundations.

Strategia

Clearwater is trying to build the first comprehensive cloud-native front-to-back platform for the investment management industry. The near-term focus is integrating Enfusion, Beacon, and Bistro to deepen product breadth, while also cross-selling into existing core end-markets and expanding internationally. Management is also pushing into adjacent institutional segments where legacy systems still dominate.

Integrate acquired platforms into a unified cloud-native suiteLyhyt aikaväli

Combines front-, middle-, and back-office workflows into one offering and improves competitive positioning.

Expand within core end-marketsKeskipitkä aikaväli

Asset management, insurance, hedge funds, and asset owners remain underpenetrated and offer large whitespace.

Accelerate international adoptionKeskipitkä aikaväli

Europe and Asia are important growth markets and Enfusion improves local market access.

Maantiede

Clearwater operates globally, with sales organized across the Americas, Asia-Pacific, and EMEA. Management highlighted that international adoption has been constrained by lower brand awareness and less sales investment, but the Enfusion acquisition adds a stronger presence in Europe and Asia. The company is also using its Boise, Idaho headquarters as a client-engagement hub, including its Clearwater Connect conference.

Riskit

Clearwater faces integration risk from its recent acquisitions, especially because the strategy depends on combining multiple platforms into one product stack. It also operates in a fragmented, competitive market where legacy vendors and large-scale players can pressure pricing and slow adoption. As a software business serving financial institutions, it is exposed to cybersecurity, implementation, and retention risks that can affect renewals and expansion.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Competitive and fragmented market1Cybersecurity and data confidentiality2Acquisition integration risk3International execution risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Competitive and fragmented marketVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Investment accounting, PMS, OEMS, and risk software are served by many vendors, including legacy systems.

    KohdistuuPricingWin ratesClient retention
  2. Cybersecurity and data confidentialityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The platform stores and transmits sensitive investment and client information.

    KohdistuuOperational disruptionLiabilityReputational damage
  3. Acquisition integration riskVaikutus: KorkeaTodennäköisyys: Matala

    The business model depends on combining Enfusion, Beacon, and Bistro into a unified platform without disrupting clients.

    KohdistuuProduct integrationPersonnelSystemsCross-sell execution
  4. International execution riskVaikutus: KeskitasoTodennäköisyys: Matala

    Management noted lower brand awareness and less historical sales investment outside the U.S.

    Kohdistuu: Europe and Asia growth

Kysy Clarifolta: Clearwater Analytics Holdings, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue linked to client assets and pricing rates

Revenue changes when assets on platform or billed basis-point rates change, so operating trends can differ from simple client counts.

Vaikutus: Affects revenue growth and comparability across periods

Business combination accounting

Enfusion, Beacon, and Bistro require valuation of acquired assets and liabilities, including goodwill and intangibles.

Vaikutus: Can affect amortization, impairment risk, and reported earnings

Goodwill and intangible assets

Acquisitions increase the risk that future performance assumptions do not support carrying values.

Vaikutus: Potential impairment charges

Critical estimates in acquisitions

Management said business combinations involve a greater degree of judgment and complexity.

Vaikutus: Purchase price allocation and contingent liabilities

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Tidewater Inc

TDW · Water Transportation

Originclear, Inc.

OCLN · Special Industry Machinery, NEC

Morningstar, Inc.

MORN · Investment Advice

ClearPoint Neuro, Inc.

CLPT · Surgical & Medical Instruments & Apparatus

Clearwater Paper Corp

CLW · Paperboard Mills

Cleartronic, Inc.

CLRI · Radiotelephone Communications

Päivitetty: 24.9.2026

Clearwater Analytics Holdings, Inc. – Services-Prepackaged Software | Analyysi – Clarifo