Clearwater Analytics files for IPO: What you need to know

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 Clearwater Analytics files for IPO: What you need to know
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Highlights

  • Clearwater Analytics on Monday filed its IPO papers with the Security and Exchange Commission (SEC).
  • The online accounting company has more than 1,078 clients, including Facebook, Cisco, Oracle, and Starbucks.
  • Goldman Sachs & Co., JP Morgan Securities, and Morgan Stanley & Co. are the book-runners for the proposed IPO.

Online investment analytics provider Clearwater Analytics on Monday filed for its initial public offering (IPO) with the US Security and Exchange Commission (SEC). 

The Boise, Idaho-based company provides online investment portfolio accounting, reporting, and reconciliation services to institutional investors. It has offices in the US, Europe, and Asia.

Facebook, Oracle, Cisco, and Starbucks are among some of the big names in the company’s list of over 1,078 clients.

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The SaaS-based investment solutions company also manages assets of over US$5.5 trillion from clients like investment managers, banks, insurance firms, pension funds, and the government.   

On Monday, the company filed a registration statement for the IPO, or Form S-1, for its Class A common stock. The total number of shares and the stock price for the IPO have not been fixed yet. Clearwater, founded in 2004, plans to get listed on NYSE under the ticker symbol ‘CWAN’.

Goldman Sachs & Co., JP Morgan Securities, and Morgan Stanley & Co. are the book-runners and representing underwriters for the proposed IPO.

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The company’s June quarter revenue was US$117.8 million, about a 24% increase year-over-year for the six months ended June 30, 2021, it said in the filing. However, its net income fell by 77% YoY to US$3.2 million due to the higher operating expenses during the period. Clearwater is targeting a valuation of US$4.0 billion for the IPO, Reuters reported.

Bottomline

Welsh Carson Anderson & Stowe is currently the majority owner of the company. Other investors include private equity firms Permira and Warburg Pincus. Meanwhile, the second half of 2021 could see several high-profile IPOs, including EV maker Rivian’s public offer. Some of the prominent IPOs so far this year include South Korean eCommerce company Coupang and Chinese ride-hailing firm DiDi.

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