Clearwater Analytics

What Clearwater Analytics does

Clearwater Analytics is a cloud-native SaaS provider of automated investment accounting, performance measurement, and analytics for institutional investors. The platform processes daily investment activity behind more than $10 trillion in assets across public and private markets for over 2,400 global clients, including insurers, asset managers, hedge funds, banks, corporate treasuries, pensions, endowments, sovereign wealth funds, and government entities. The unified front-to-back architecture covers the investment lifecycle from portfolio construction and order execution through risk analytics, accounting, regulatory compliance, and reporting, with a proprietary data foundation built on 20 years of accumulated positions, transactions, and reconciliations.

The technology stack centers on an agentic AI workflow layer with 900+ (now 1,000+) autonomous agents executing multi-step investment workflows, supported by the Beacon cross-asset risk platform, the Enfusion front-to-back execution platform, and the Clearwater Wilshire Analytics risk and performance suite. The platform processes structured financial data (positions, transactions, cash flows) and combines it with generative AI for reporting and decision support, targeting functional outcomes such as 95% reduction in reporting time and 90% reduction in manual reconciliation.

Revenue is generated primarily through multi-year recurring SaaS subscriptions, supplemented by professional services for platform implementation and licensing of acquired platforms (Enfusion, Beacon) to institutional clients. Pricing is quote-based on enterprise contracts; the company reports non-GAAP gross margins of approximately 79% and adjusted EBITDA margins near 34.5%, consistent with scaled enterprise SaaS economics. The go-to-market is enterprise field sales targeting large institutional investors, complemented by strategic partnerships with Bloomberg and TreasurySpring and a direct presence in North America, Europe, and Asia Pacific via the Sydney hub. Following the June 2026 take-private acquisition by Permira and Warburg Pincus, the company is accelerating investment in its AI roadmap and platform expansion.

Name

Clearwater Analytics

Legal name

Clearwater Analytics

Website

https://clearwateranalytics.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Clearwater Analytics provides a cloud-native SaaS platform for investment accounting, performance, risk analytics, and regulatory reporting for institutional investors managing over $10 trillion in assets across more than 2,400 global clients in insurance, asset management, pensions, corporate treasury, and energy.

Ownership category

akta.pro rank

Product category

Investment Management Software

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Open Finance Expansion (investments, pensions, insurance, utilities data) (FSAGACAK)

akta.pro secondary industry

Institutional API Connectivity, OMS/EMS & FIX Gateways (FSADAJAJ)

Keywords

• Investment accounting software
• Institutional asset management
• Portfolio management platform
• Risk analytics SaaS
• Investment data aggregation

Headquarters

HQ city

Boise

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. SaaS Subscription Revenue: Multi-year recurring subscription contracts from cloud-based investment accounting and analytics platform. The company maintains approximately 70% gross margins typical of SaaS leaders. Revenue grew 72-77% year-over-year, with annualized recurring revenue reaching $841-872 million.
2. Professional Services: Implementation and consulting services for platform deployment, particularly for complex integrations like the Enfusion platform modernization projects.
3. Licensing Royalties: Licensing of technology platforms including Enfusion and Beacon to institutional clients under multi-year agreements.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Clearwater Analytics provides a unified, front-to-back cloud-based SaaS investment management platform that processes daily investment activity behind more than $10 trillion in assets across public and private markets. The platform integrates portfolio management, order execution, risk analytics, investment accounting, regulatory compliance, and data aggregation for institutional investors. Embedded AI capabilities including over 900 autonomous agents automate reconciliation, reporting, and workflow execution across the investment lifecycle.

Product overview

Clearwater Analytics offers a unified, front-to-back investment management platform serving over $10 trillion in assets and 2,400+ global clients. The platform architecture consists of core products including the main Clearwater Platform, Beacon by Clearwater (cross-asset trading and risk management), and Enfusion by Clearwater (portfolio management and order execution), supplemented by specialized AI-enabled products launched in June 2026 including Clearwater Compass (accounting workflows), Total Portfolio Oversight (developed with Blackstone), and Fund Analytics (private markets intelligence). The June 2026 product launches also included Factor Risk Lens and Factor Analytics for factor risk analysis, while CWAN Power and Gas addresses energy trading risk. The platform embeds over 1,000 AI agents throughout the investment lifecycle, achieving 95% reduction in reporting time and enabling firms to manage public and private assets through a single operational backbone.

Differentiator

Problem solved

Functional benefit

Brands

• Beacon by Clearwater: Cross-asset trading and risk management platform providing AI-powered risk analytics and modeling tools for scenario analysis, exposure evaluation, and real-time portfolio behavior understanding.
• Enfusion by Clearwater
• Clearwater Compass
• Total Portfolio Oversight
• Fund Analytics
• Factor Risk Lens
• Factor Analytics
• Clearwater JUMP

Products and services

• Clearwater Platform Unified, front-to-back investment management SaaS platform that processes daily investment activity behind more than $10 trillion in assets across public and private markets, integrating AI-driven portfolio construction, risk management, trading execution, accounting, and reporting for institutional investors.
• Beacon by Clearwater Cross-asset trading and risk management platform providing AI-powered risk analytics and modeling tools that let firms test scenarios, evaluate exposures, and understand portfolio behavior in real time; includes CWAN Power and Gas for energy trading.
• Enfusion by Clearwater Front-to-back portfolio management, order management, and execution platform that streamlines trading and compliance, integrating portfolio construction, order management, execution, compliance, and real-time data into a single system for hedge funds and asset managers.
• Clearwater Compass AI-enabled accounting workflow product that replaces manual spreadsheet-driven accounting processes with centralized, intelligence-backed workflows for institutional investment accounting teams.
• Total Portfolio Oversight AI-enabled product providing comprehensive portfolio oversight capabilities for institutional investors, replacing manual processes with centralized intelligence-backed workflows across public and private markets.
• Fund Analytics Private markets intelligence product for institutional investors that measures performance, monitors portfolios, and forecasts liquidity using validated investment data, addressing fragmented workflows in private markets through Clearwater's Fund Master dataset.
• Factor Risk Lens Factor risk product for portfolio managers providing pre-trade risk analysis capabilities that connect factor risk analysis to the investment decision process on a unified platform.
• Factor Analytics Factor risk product for CIOs and risk leaders providing on-demand portfolio risk insights, delivering factor risk analytics on a unified platform built on Clearwater's investment data foundation.
• CWAN Power and Gas Transparent risk management platform for power and gas markets providing source-code visibility and real-time configurable analytics, designed to replace legacy black-box systems in energy trading operations.
• Clearwater JUMP Browser-based SaaS platform that consolidates portfolio positions, cash flows, and risk data for institutional investment teams, targeting insurers, asset managers, and corporates with complex multi-custodian portfolios.
• Clearwater Wilshire Analytics Co-branded risk and performance analytics platform combining Clearwater Analytics capabilities with Wilshire Advisors' analytics solutions for front and middle office clients.

Quantifiable outcome

• 95% reduction in reporting time
• +6 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability8 records

Feature8 records

Partnerships

Five partnerships are on record, tiered core and major.

• TreasurySpringcoreTechnology or Integration · 17 April 2026Integration connecting Clearwater's investment management platform with TreasurySpring's suite of over 1,000 fixed-term cash investment products, enabling institutional clients to optimize surplus cash returns with predictable maturity matching.
• TreasurySpringcoreTechnology or Integration · 11 February 2026Platform integration connecting Clearwater's investment management and accounting environment to TreasurySpring's marketplace of over 1,000 fixed-term cash investment products. Enables institutional clients to match liabilities with fixed maturities, access 120+ highly rated counterparties across eight currencies, and automate settlement and reporting within existing Clearwater workflows.
• BloombergcoreStrategic or Co-development Partner · 9 July 2025Strategic collaboration announced July 9, 2025 to deliver comprehensive front-to-back investment management solution for asset owners and asset managers. Combines Bloomberg's enterprise investment workflows (research management, order and portfolio management, performance and risk analytics) with Clearwater's accounting, data aggregation, reconciliation, and reporting platform. Partnership provides clients with enhanced scale, speed, and flexibility while reducing costs and operational risk.
• Wilshire AdvisorsmajorStrategic or Co-development Partner · 22 April 2024Clearwater completed acquisition of Wilshire Advisors' Risk and Performance Analytics Solutions in April 2024, valued at approximately $40 million. Created co-branded platform called Clearwater Wilshire Analytics, enhancing analytical capabilities for front and middle office clients and expanding Clearwater's market presence in risk and performance solutions.
• BarmeniaGothaer Asset ManagementmajorTechnology or IntegrationBarmeniaGothaer implemented Bloomberg's buy-side solutions alongside Clearwater Analytics' platform to modernize front-to-back investment operations. Unifies two distinct technology environments following 2024 merger of Barmenia and Gothaer, providing holistic view across public and private assets.

Scale indicators14 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• BlackRock Aladdin: BlackRock's Aladdin is the dominant enterprise investment management platform used by global asset managers, asset owners, and insurers. Overlaps with Clearwater across portfolio analytics, risk, and accounting workflows; Aladdin also competes with Clearwater Wilshire Analytics and Beacon in cross-asset risk modeling.
• Bloomberg (PORT & AIM): Bloomberg's PORT enterprise and AIM buy-side platforms provide portfolio analytics, order and investment management, and risk reporting for institutional asset managers and asset owners. Direct overlap with Clearwater across front-to-back investment workflows, reinforced by a 2025 strategic partnership.
• SS&C Technologies: SS&C provides Advent, Eze, and Geneva investment management platforms covering portfolio management, trading, accounting, and reporting for hedge funds, asset managers, and asset owners. Direct overlap with Enfusion by Clearwater in OMS/EMS and with the core Clearwater accounting platform.
• State Street Alpha: State Street Alpha is a front-to-back investment management platform combining State Street's middle/back-office servicing with SimCorp and Charles River platforms. Competes with Clearwater across institutional asset owner, asset manager, and insurance investment operations.
• FIS (Investment Operations): FIS provides investment accounting, performance measurement, and data management solutions used by insurance companies and asset managers. Directly comparable to Clearwater's core investment accounting and reconciliation capabilities for insurance and asset owner segments.
• Northern Trust (Investment Operations): Northern Trust provides investment operations outsourcing, accounting, and data services for institutional asset owners and asset managers. Overlaps with Clearwater's core investment accounting, multi-custodian reconciliation, and reporting capabilities via service-provider and technology channels.

Direct peers

• Addepar: Addepar is a wealth and investment management technology platform serving large RIAs, family offices, and institutional investors with portfolio analytics, reporting, and data aggregation. Comparable to Clearwater across multi-custodian portfolio aggregation and total portfolio oversight workflows.
• SimCorp (now part of Euronext): SimCorp provides an integrated investment management platform (Dimension) for buy-side institutions covering portfolio management, risk, compliance, and accounting. Direct competitor in the front-to-back institutional investment management platform category, especially in EMEA.
• Confluence Technologies: Confluence provides investment data management, performance, and reporting solutions for asset managers, asset owners, and service providers. Directly competes with Clearwater in performance analytics, regulatory reporting, and Total Portfolio Approach tooling for institutional clients.
• Canoe Intelligence: Canoe Intelligence automates private markets document and data extraction for institutional investors, asset allocators, and fund administrators. Directly comparable to Clearwater's Fund Analytics and alternative asset solutions targeting the same private markets data integration gap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/cwanalytics
• LinkedInlinkedin.com/company/clearwater-analytics
• Facebookfacebook.com/aboutclearwateranalytics

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds11 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clearwater Analytics