Clearwater Analytics Holdings, Inc. (CWAN): Business Model Canvas

In der dynamischen Welt der Anlagetechnologie erweist sich Clearwater Analytics Holdings, Inc. (CWAN) als transformative Kraft und revolutioniert die Art und Weise, wie Finanzinstitute komplexe Anlagedaten verwalten, analysieren und abgleichen. Durch die Nutzung einer hochentwickelten cloudbasierten Plattform, die fortschrittliche Analysen, Echtzeit-Leistungseinblicke und robuste Compliance-Lösungen nahtlos integriert, hat sich CWAN als wichtiger Technologiepartner für institutionelle Anleger positioniert, die die betriebliche Komplexität rationalisieren und beispiellose Finanzinformationen freischalten möchten.

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Investmentmanagementfirmen

Clearwater Analytics unterhält strategische Partnerschaften mit mehreren Finanzinstituten:

Partnertyp	Anzahl der Partnerschaften	Verwalteter Vermögenswert
Erstklassige Investmentbanken	17	1,2 Billionen Dollar
Globale Vermögensverwaltungsunternehmen	23	2,5 Billionen Dollar

Cloud-Service-Anbieter

Clearwater Analytics nutzt Cloud-Infrastrukturpartnerschaften:

• Amazon Web Services (AWS): Primärer Cloud-Infrastrukturanbieter
• Microsoft Azure: Sekundärer Cloud-Service-Partner
• Google Cloud Platform: Ergänzende Cloud-Dienste

Anbieter von Datenaggregation und Finanzdaten

Datenanbieter	Dauer der Partnerschaft	Datenabdeckung
Bloomberg	8 Jahre	Globale Finanzmärkte
FactSet	6 Jahre	Umfassende Finanzdatensätze

Technologieberatungs- und Implementierungspartner

Zu den strategischen Kooperationen bei der Technologieimplementierung gehören:

• Deloitte: Beratung zur digitalen Transformation
• Accenture: Technologieimplementierungsdienste
• KPMG: Beratung und Integrationsunterstützung

Anbieter von Cybersicherheits- und Compliance-Lösungen

Sicherheitspartner	Erbrachte Dienstleistungen	Jährliche Investition
Palo Alto Networks	Netzwerksicherheit	3,2 Millionen US-Dollar
Massenstreik	Endpunktschutz	2,7 Millionen US-Dollar

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Hauptaktivitäten

Softwareentwicklung und Plattformwartung

Im vierten Quartal 2023 investierte Clearwater Analytics 42,3 Millionen US-Dollar in Forschung und Entwicklung. Das Unternehmen unterhält eine cloudbasierte Anlageverwaltungsplattform, die ein verwaltetes Vermögen von über 4,8 Billionen US-Dollar verwaltet.

Entwicklungsmetrik	Daten für 2023
F&E-Ausgaben	42,3 Millionen US-Dollar
Software-Ingenieure	267 Mitarbeiter
Plattformverfügbarkeit	99.97%

Aggregation und Abgleich von Investitionsdaten

Clearwater-Prozesse über 2,5 Millionen Anlagepositionen täglich in über 80 Ländern und über 50 Anlageklassen.

• Datenquellen: Über 1.200 Finanzinstitute
• Tägliche Transaktionsverarbeitung: 5,6 Millionen Transaktionen
• Globale Datenabdeckung: über 100 Währungen

Berichterstattung und Analyse der Anlageperformance

Die Plattform generiert monatlich 1,3 Millionen Leistungsberichte für institutionelle Anleger, Vermögensverwalter und Unternehmen.

Berichtsfunktion	Vierteljährlicher Band
Leistungsberichte	3,9 Millionen
Analytics-Dashboards	287,000

Kundenbetreuung und technische Umsetzung

Clearwater unterhält ein engagiertes Kundensupport-Team von 184 Fachleuten mit einem 97,5 % Kundenzufriedenheit.

• Durchschnittliche Implementierungszeit: 45 Tage
• Globale Supportzentren: 3 Standorte
• Unterstützte Sprachen: 12

Kontinuierliche Produktinnovation und -verbesserung

Im Jahr 2023 führte das Unternehmen 17 neue Plattformfunktionen und -integrationen ein, von denen 62 % auf direktes Kundenfeedback zurückzuführen waren.

Innovationsmetrik	Daten für 2023
Neue Plattformfunktionen	17
Kundenorientierte Innovationen	62%
Patentanmeldungen	8

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Softwareplattform zur Analyse von Investitionsdaten

Im vierten Quartal 2023 verwaltet die Softwareplattform von Clearwater Analytics 4,26 Billionen US-Dollar an Investitionsdaten und Vermögenswerten. Die Plattform verarbeitet täglich etwa 5,2 Millionen Investmentbuchhaltungstransaktionen.

Plattformmetrik	Quantitativer Wert
Gesamtes verwaltetes Vermögen	4,26 Billionen US-Dollar
Tägliche Transaktionsverarbeitung	5,2 Millionen
Globaler Kundenstamm	Über 1.300 institutionelle Anleger

Fortschrittliche cloudbasierte Technologieinfrastruktur

Clearwater Analytics nutzt a Multi-Cloud-Architektur mit einer Infrastruktur, die sich über mehrere geografische Regionen erstreckt.

• Primäre Cloud-Infrastruktur von Amazon Web Services (AWS).
• Redundante Rechenzentren in Nordamerika
• 99,99 % Plattformverfügbarkeitsgarantie

Erfahrene Technologie- und Finanzexperten

Ab 2024 beschäftigt Clearwater Analytics mehr als 750 Technologie- und Finanzexperten.

Zusammensetzung der Belegschaft	Nummer
Gesamtzahl der Mitarbeiter	750+
Technologieprofis	450
Experten im Finanzbereich	300

Umfangreiche Funktionen zur Integration von Finanzdaten

Die Plattform integriert Daten aus über 500 globalen Finanzdatenquellen und unterstützt über 80 Rechnungslegungs- und Berichtsstandards.

Robustes Portfolio an geistigem Eigentum

Clearwater Analytics hält im Jahr 2023 37 registrierte Patente mit Schwerpunkt auf Investitionsdatenmanagement und Analysetechnologien.

Geistiges Eigentum	Menge
Gesamtzahl der angemeldeten Patente	37
Patentkategorien	Investitionsdatenmanagement

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Wertversprechen

Automatisierter Investitionsdatenabgleich und Reporting

Clearwater Analytics verarbeitete im vierten Quartal 2023 Anlagevermögen in Höhe von 4,6 Billionen US-Dollar. Die Plattform verwaltet über 17 Millionen Anlagepositionen täglich.

Metrisch	Wert
Gesamtvermögen im Vergleich	4,6 Billionen US-Dollar
Tägliche Anlagepositionen	17 Millionen+
Abstimmungsgenauigkeit	99.97%

Einblicke in die Investitionsleistung in Echtzeit

Die Plattform bietet Leistungsanalysen für Über 2.500 institutionelle Anleger über mehrere Anlageklassen hinweg.

• Leistungsverfolgung auf globalen Märkten
• Datenvisualisierung in Echtzeit
• Performanceanalyse mehrerer Anlageklassen

Umfassende Portfoliomanagementlösungen

Clearwater bedient Finanzinstitute mit Über 50 Milliarden US-Dollar an Gesamtinvestitionsmanagement.

Clienttyp	Anzahl der Kunden
Pensionskassen	350+
Versicherungsunternehmen	250+
Investmentmanager	1,900+

Reduzierte betriebliche Komplexität

Clearwater reduziert die Zeit für den manuellen Abgleich um bis zu 90 % für Finanzinstitute.

• Automatisierte Workflow-Integration
• Zentralisierte Datenverwaltung
• Standardisierte Reportingprozesse

Verbesserte Datengenauigkeit und Einhaltung gesetzlicher Vorschriften

Die Plattform unterstützt die Einhaltung 17 globale Regulierungsrahmen, einschließlich SEC-, FASB- und IFRS-Standards.

Compliance-Bereich	Unterstützte Frameworks
Finanzberichterstattung	12
Anlagereglement	5

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Account-Management-Teams

Im vierten Quartal 2023 beschäftigt Clearwater Analytics 87 engagierte Account-Management-Experten, die Unternehmenskunden aus den Bereichen Finanzdienstleistungen und Investmentmanagement betreuen.

Kontoverwaltungsmetrik	Daten für 2023
Total Account Manager	87
Durchschnittliches Kundenportfolio pro Manager	12-15 Kunden
Durchschnittliche Kundenbindungsrate	94.6%

Laufender technischer Support und Beratung

Clearwater Analytics bietet rund um die Uhr technischen Support globale Reaktionszentren.

• Support-Sprachen: Englisch, Spanisch, Französisch
• Durchschnittliche Reaktionszeit: 17 Minuten
• Jährliches Supportvolumen: 42.000 Kundeninteraktionen

Self-Service-Kundenportale

Digitale Plattform mit 98,3 % Verfügbarkeit und umfassenden Benutzerzugriffsmöglichkeiten.

Portalfunktion	Verfügbarkeit
Benutzerauthentifizierung	Multifaktor
Monatlich aktive Benutzer	3,742
Barrierefreiheit des Portals	Web und Mobil

Regelmäßige Produktschulungen und Webinare

Clearwater Analytics führt im Jahr 2023 monatliche Schulungen mit insgesamt 1.287 Teilnehmern durch.

• Schulungsformate: Live online, aufgezeichnete Sitzungen
• Jährliche Schulungsstunden: 672 Gesamtstunden
• Bewertung der Kundenzufriedenheit: 4,7/5

Personalisierte Onboarding- und Implementierungsdienste

Maßgeschneiderter Implementierungsprozess mit engagierten Implementierungsspezialisten.

Onboarding-Metrik	Leistung 2023
Durchschnittliche Implementierungszeit	6-8 Wochen
Engagierte Implementierungsspezialisten	42
Erfolgreiche Implementierungen	214 Unternehmenskunden

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Seit dem 4. Quartal 2023 verfügt Clearwater Analytics über ein direktes Unternehmensvertriebsteam von 87 Vertriebsprofis, das sich an institutionelle Investmentmanager, Versicherungsunternehmen und Pensionsfonds richtet.

Kennzahlen des Vertriebsteams	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche jährliche Verkaufsquote	3,2 Millionen US-Dollar pro Vertreter
Conversion-Rate für Unternehmenskunden	42.5%

Online-Marketing und digitale Plattformen

Digitale Marketingkanäle machen etwa 34 % der Kundenakquise-Pipeline von Clearwater Analytics aus.

• LinkedIn-Werbebudget: 1,2 Millionen US-Dollar pro Jahr
• Ausgaben für Google Ads: 875.000 US-Dollar pro Jahr
• Conversion-Rate für digitales Marketing: 2,7 %

Finanztechnologie-Konferenzen

Clearwater Analytics nimmt jährlich an 12 großen Finanztechnologiekonferenzen teil.

Konferenztyp	Jährliche Teilnahme	Lead-Generierung
Globale FinTech-Konferenzen	5	263 qualifizierte Leads
Regionale Veranstaltungen zur Investitionstechnologie	7	412 qualifizierte Leads

Empfehlungs- und Partnernetzwerke

Partnerkanäle tragen im Jahr 2023 22 % zum Gesamtumsatz des Unternehmens bei.

• Gesamtzahl der strategischen Technologiepartner: 47
• Durch Partner generierter Umsatz: 42,3 Millionen US-Dollar
• Partnerprovisionssatz: 15-20 %

Website- und digitales Content-Marketing

Die digitale Content-Strategie von Clearwater Analytics fördert erheblichen Web-Traffic und die Generierung von Leads.

Kennzahlen für digitale Inhalte	Leistung 2023
Monatliche Website-Besucher	124,500
Conversions zum Herunterladen von Inhalten	3,675
Webinar-Teilnahme	2.940 Teilnehmer

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Kundensegmente

Große institutionelle Investmentmanager

Im vierten Quartal 2023 betreut Clearwater Analytics rund 1.200 institutionelle Investmentmanager weltweit.

Segmentcharakteristik	Quantitative Daten
Gesamtes verwaltetes Vermögen	4,8 Billionen Dollar
Durchschnittliche Größe des Kundenportfolios	3,2 Milliarden US-Dollar
Marktdurchdringungsrate	38 % der Top-500-Investmentverwaltungsfirmen

Versicherungsunternehmen

Clearwater Analytics bietet Kunden aus der Versicherungsbranche Anlagebuchhaltungslösungen.

Segmentmetriken	Quantitative Daten
Gesamtzahl der Kunden von Versicherungsunternehmen	672 Kunden
Gesamtes verwaltetes Versicherungsvermögen	1,6 Billionen Dollar

Pensionskassen

Das Unternehmen bedient verschiedene Pensionsfondssegmente mit hochentwickelten Investment-Reporting-Tools.

• Öffentliche Pensionskassen: 287 Kunden
• Betriebliche Pensionskassen: 412 Kunden
• Insgesamt verwaltetes Pensionsfondsvermögen: 2,3 Billionen US-Dollar

Vermögensverwaltungsfirmen

Clearwater Analytics unterstützt Vermögensverwaltungsunternehmen mit umfassenden Anlagelösungen.

Segmentdetails	Quantitative Daten
Total Wealth Management-Kunden	514 Firmen
Durchschnittliches Kundenvermögen	750 Millionen Dollar

Private Equity und Hedgefonds

Spezialisierte Investment-Accounting-Lösungen für alternative Investmentsektoren.

• Gesamtzahl der Private-Equity-Kunden: 226
• Gesamtzahl der Hedgefonds-Kunden: 193
• Kombinierte alternative Anlagewerte: 1,1 Billionen US-Dollar

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Clearwater Analytics Forschungs- und Entwicklungskosten in Höhe von 43,5 Millionen US-Dollar, was 24,7 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	43,5 Millionen US-Dollar	24.7%
2022	38,2 Millionen US-Dollar	22.9%

Wartung der Cloud-Infrastruktur und -Technologie

Die jährlichen Wartungskosten für Cloud-Infrastruktur und Technologie beliefen sich im Jahr 2023 auf etwa 22,8 Millionen US-Dollar.

• Kosten für Cloud-Dienstanbieter: 15,6 Millionen US-Dollar
• Wartung der Technologieinfrastruktur: 7,2 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 62,4 Millionen US-Dollar, was 35,4 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag
Kosten des Vertriebsteams	41,3 Millionen US-Dollar
Marketingkampagnen	21,1 Millionen US-Dollar

Mitarbeitervergütung und Talentakquise

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 92,7 Millionen US-Dollar.

• Grundgehälter: 68,5 Millionen US-Dollar
• Aktienbasierte Vergütung: 14,2 Millionen US-Dollar
• Rekrutierung und Talentakquise: 10,0 Millionen US-Dollar

Kundensupport und professionelle Dienstleistungen

Die Kosten für Kundensupport und professionelle Dienstleistungen beliefen sich im Jahr 2023 auf 33,6 Millionen US-Dollar.

Servicekategorie	Ausgaben
Kundensupport	22,4 Millionen US-Dollar
Professionelle Dienstleistungen	11,2 Millionen US-Dollar

Clearwater Analytics Holdings, Inc. (CWAN) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Softwarelizenzierung

Im vierten Quartal 2023 meldete Clearwater Analytics einen jährlichen wiederkehrenden Umsatz (ARR) von 230,1 Millionen US-Dollar. Die Software-as-a-Service-Plattform (SaaS) des Unternehmens generiert Einnahmen durch abgestufte Abonnementmodelle.

Abonnementstufe	Jahresumsatzspanne	Hauptmerkmale
Basic	$50,000 - $100,000	Kernfunktionalität für die Berichterstellung
Professionell	$100,001 - $250,000	Erweiterte Analysen und Integrationen
Unternehmen	$250,001 - $500,000+	Vollständige Plattformfunktionen

Implementierungs- und Onboarding-Gebühren

Im Jahr 2023 erwirtschaftete Clearwater Analytics rund 12,5 Millionen US-Dollar an Implementierungs- und Onboarding-Umsätzen.

Professionelle Dienstleistungen und Beratung

Der Umsatz mit professionellen Dienstleistungen erreichte im Jahr 2023 18,3 Millionen US-Dollar, was 7,9 % des Gesamtumsatzes des Unternehmens entspricht.

• Benutzerdefinierte Integrationsdienste
• Beratung zur Einhaltung gesetzlicher Vorschriften
• Unterstützung bei der Datenmigration
• Schulungs- und Ausbildungsprogramme

Gebühren für Datenintegration und -anpassung

Der Anpassungsumsatz für 2023 belief sich auf 8,7 Millionen US-Dollar, wobei die durchschnittlichen Anpassungskosten pro Kunde zwischen 25.000 und 150.000 US-Dollar lagen.

Komplexität der abgestuften Preisplattform

Komplexitätsgrad	Preisspanne	Typischer Clienttyp
Geringe Komplexität	$50,000 - $100,000	Kleine Finanzinstitute
Mittlere Komplexität	$100,001 - $250,000	Mittelständische Investmentfirmen
Hohe Komplexität	$250,001 - $500,000+	Große institutionelle Anleger

Der Gesamtumsatz von Clearwater Analytics belief sich im Jahr 2023 auf 292,6 Millionen US-Dollar, wobei SaaS-Abonnements mit etwa 78,6 % des Gesamtumsatzes die Haupteinnahmequelle darstellen.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Value Propositions

You're looking at the core reason why institutional investors stick with Clearwater Analytics Holdings, Inc.: the promise of absolute clarity across a complex global portfolio. The platform delivers a unified, real-time view of all global assets, covering everything from the front office decisions right through to the back office settlement and accounting. As of late 2024, the platform was already aggregating and normalizing data on over $8.8 trillion of invested assets for more than 1,400 clients, so you see everything in one place, instantly.

The efficiency gains are a huge part of the value, especially when you consider the manual grind of traditional operations. Clearwater Analytics positions its technology, including AI enhancements like the Helios system, to drive massive operational improvements. A key value proposition here is the claimed 90% reduction in manual reconciliation tasks through AI, which directly translates to lower operational risk and cost for you.

Dealing with global regulations is a headache, but the platform is built to simplify that complexity. It helps streamline regulatory reporting across GAAP, IFRS, and Solvency II standards. This isn't just about checking a box; it's about ensuring compliance is automated, reducing the need for specialized, expensive teams to manually map data to different reporting frameworks.

The stickiness of the offering is best shown by the retention numbers, which speak volumes about data accuracy and client satisfaction. You can see the platform's proven reliability in the metrics from the first half of 2025. Here's a quick look at how the platform's performance metrics stack up:

Metric	Period End Date	Value
Gross Revenue Retention Rate (GRR)	March 31, 2025	98%
Gross Revenue Retention Rate (GRR)	June 30, 2025	98%
Core Business Net Revenue Retention Rate (NRR)	June 30, 2025	114%
Core Business Revenue Growth (YoY)	Q2 2025	22%
Non-GAAP Gross Margin (Platform)	Q2 2025	Exceeding 80%

That high data accuracy you need is baked into the recurring revenue model. The Gross Revenue Retention Rate (GRR) has consistently been at or near 98% for many quarters, including the most recent reports in Q1 and Q2 2025. Honestly, when clients are staying at that rate, it means the data quality and service are meeting expectations. Plus, the Net Revenue Retention Rate (NRR) was 114% as of March 31, 2025, showing existing clients are expanding their use of the platform, which is a great sign.

The entire system is built on a scalable, cloud-native architecture. This is what allows Clearwater Analytics Holdings, Inc. to replace those fragmented, on-premise legacy systems that slow down operations. This architecture supports rapid growth; for example, Annualized Recurring Revenue (ARR) hit $493.9 million as of March 31, 2025, and grew to $783.5 million by June 30, 2025. That kind of expansion is only possible when the underlying technology is truly elastic.

Finance: draft the 13-week cash flow view by Friday, focusing on the impact of the Q3 2025 revenue run rate of $205.1 million on near-term liquidity.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Customer Relationships

Clearwater Analytics Holdings, Inc. (CWAN) maintains customer relationships through a high-touch, embedded service structure, which is strongly suggested by its retention metrics.

The dedication to client satisfaction is evidenced by the 98% Gross Revenue Retention Rate as of September 30, 2025. This metric represents the annual contract value retained over the prior 12-month period, net of client attrition.

The platform is designed for long-term adoption, relying on the inherent stickiness of a unified, cloud-native system for investment management, which creates high switching costs for institutional investors.

Proactive expansion within the existing client base drives growth, as shown by the Net Revenue Retention Rate of 108% as of September 30, 2025. This rate includes revenue changes from asset additions, contractual adjustments, and attrition. The Annualized Recurring Revenue (ARR) reached a record $807.5 million at the end of Q3 2025, marking a 77% year-over-year increase.

Metric	Date/Period End	Value
Gross Revenue Retention Rate	September 30, 2025	98%
Net Revenue Retention Rate	September 30, 2025	108%
Annualized Recurring Revenue (ARR)	September 30, 2025	$807.5 million
Core Business Net Revenue Retention Rate	June 30, 2025	114%

Executive-level engagement is formalized through the annual client conference, Clearwater Connect 2025, which took place in Boise, ID from September 15-17. This event is regarded as influential in investment accounting and management.

The conference served as a venue for executive-level dialogue and peer networking, bringing together more than 500 thought leaders and experts.

• Welcomed clients and leaders across Insurance, Asset Management, Hedge Funds, Corporations, Government, and Banking sectors.
• Explored the unified platform vision connecting front, middle, and back office functions.
• Featured a practical outlook on the next 12-18 months from Goldman Sachs Asset Management representatives.

Continuous product innovation is directly linked to client needs, with new offerings showcased at the conference, demonstrating responsiveness to feedback and market shifts.

New product capabilities highlighted included:

• Clearwater CWIC LPx, an AI-based solution for on-demand insights from accounting data.
• Clearwater for Pooled Funds, providing a web-based portal for state treasuries and participants.

The platform is designed to help institutional investors extract actionable insights on-demand from accounting data and performance metrics.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Channels

You're looking at how Clearwater Analytics Holdings, Inc. gets its platform in front of institutional investors globally. It's a mix of direct selling, strategic alliances, and thought leadership that drives their impressive growth metrics.

Direct Enterprise Sales Force Targeting Institutional Investors Globally

Clearwater Analytics Holdings, Inc. secures new customers primarily through its direct sales approach, focusing on institutional investors like asset managers, insurance companies, and large corporations. While the exact size of the dedicated direct enterprise sales force isn't public, the results of their global efforts are clear in the financial performance. For instance, the core Clearwater business revenue grew 22% year-over-year in the second quarter of 2025, reaching $130.6 million.

The stickiness of this direct sales approach is evidenced by the retention numbers. As of June 30, 2025, the Net Revenue Retention Rate (NRR) for the consolidated company stood at 110%, meaning existing clients expanded their use of the platform. Even more telling, the core business NRR remained at 114% as of June 30, 2025. This suggests the direct sales team is effective not just at landing new logos but also at upselling within the existing client base.

Here's a look at the financial scale driven by this channel:

Metric	Value (as of Q2 2025 or latest available)	Context
Q2 2025 Core Revenue	$130.6 million	Year-over-year growth of 22%
Consolidated Net Revenue Retention Rate	110%	As of June 30, 2025
Core Net Revenue Retention Rate	114%	As of June 30, 2025
Annual Recurring Revenue (ARR)	$783.5 million	As of Q2 2025, up 83% YoY

Strategic Technology Partnerships (e.g., Bloomberg) for Integrated Offerings

The company actively builds out its platform through strategic technology partnerships to enhance its end-to-end investment management capabilities. A major milestone in 2025 was the announcement of a strategic partnership with Bloomberg. This involves a bi-directional integration between Bloomberg AIM and Clearwater Analytics, designed to eliminate manual workflows and deliver a seamless front-to-back office experience for users.

Furthermore, the integration of acquired platforms like Enfusion (acquired for $1.5 billion in April 2025) augments the platform's front-office capabilities, creating a unified solution across the entire investment lifecycle. The company has already achieved its $20 million synergy target related to acquisitions a full year ahead of schedule, validating the strategic fit of these integrated technology channels.

Investor Relations and Thought Leadership (e.g., 2025 Insurance Investment Outsourcing Report)

Thought leadership, particularly through proprietary research, is a key channel for establishing authority and driving awareness among target institutional investors. The 2025 Insurance Investment Outsourcing Report (IIOR), produced with DCS Financial Consulting, is a prime example.

The scale of the data underpinning this thought leadership is substantial:

• The 2025 IIOR includes data from 101 participating managers and consultants.
• It represents a record $4.5 trillion in unaffiliated general account insurance assets under management (AUM).
• Private asset AUM covered in the report grew 34% year-on-year to $800 billion.
• The report now profiles 90 investment managers.
• Over 80% of participating managers report using advanced technology for customized portfolio reporting.

This research helps position Clearwater Analytics as the definitive source for industry trends, directly influencing the technology decisions of potential clients.

International Expansion Teams in EMEA and APAC Regions

Clearwater Analytics Holdings, Inc. views international expansion as critical for future growth, believing the platform's value applies equally outside North America. The company has a global team of over 2,900 employees spanning the United States, EMEA, and APAC regions. Management has noted that half of the world's wealth exists outside North America, representing a significant opportunity.

Evidence of success in this channel includes a significant mandate secured by the APAC team from one of the largest banks in the world to provide client reporting globally. However, you should note that the cost to acquire clients in international markets is currently greater than in North America due to lower brand awareness in those regions.

The overall market opportunity being targeted is large, with management believing the Total Addressable Market (TAM) could reach $11 billion globally when factoring in the APAC region and adjacent markets.

Digital Marketing and Industry Events

While direct sales and thought leadership are emphasized, digital presence and industry engagement support the overall channel strategy. The company's sales and marketing expenses are a component of their operating costs. For the first quarter of 2025, Sales and Marketing expense, which includes costs for trade shows and seminars, was $4,009 thousand (based on Q1 2025 data, as Q2/Q3 breakdowns for this specific line item were not granular enough to isolate from other sales/marketing costs). The company's strong client retention rates, like the 98% Gross Revenue Retention Rate as of June 30, 2025, suggest that digital and event marketing efforts are effectively supporting the core client base and new acquisition efforts.

The platform's AI capabilities are also a major draw, with its generative AI system employing over 800 agents to reduce manual reconciliation by ~90%, which is a powerful talking point in digital content and at industry events. The full-year 2025 revenue guidance is projected to be between $726 million and $732 million, showing the combined effect of all these channels.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Customer Segments

You're looking at the client base of Clearwater Analytics Holdings, Inc. (CWAN) as of late 2025, post-major acquisitions. The platform now serves a broader set of institutional investors, but the core segments remain distinct in their needs and contribution.

Insurance Companies (largest segment, over 35% of revenue).

This group represents the historical bedrock of Clearwater Analytics Holdings, Inc.'s client base. The platform's strength in regulatory reporting and complex fixed-income accounting makes it essential for this sector. While the overall company posted total revenue of $205.1 million for the quarter ending September 30, 2025, this segment anchors the business, contributing over 35% of that total.

Asset Managers and Hedge Funds (fastest-growing segment post-Enfusion).

The acquisition of Enfusion, which closed in April 2025, significantly bolstered this segment. Enfusion's preliminary Q1 2025 revenue was $54.5 million. The combined entity is aggressively pursuing this market, evidenced by the massive jump in Annualized Recurring Revenue (ARR) to $807.5 million as of September 30, 2025, up from $427.2 million as of June 30, 2024, reflecting the integration of new client bases. This segment is key to the company's growth story, which saw TTM revenue hit $640.38 million by September 30, 2025.

The growth profile for the combined entity post-acquisition is clear:

• Pro forma ARR including acquisitions as of Q1 2025: $681 million.
• Net Revenue Retention Rate as of September 30, 2025: 108%.
• Core business Net Revenue Retention Rate as of June 30, 2025: 114%.

Large Corporations with complex treasury operations.

These clients use the platform for sophisticated cash and treasury management alongside investment accounting, often managing large, diverse asset pools. The platform's single-instance architecture helps them consolidate data. As of December 31, 2024, Clearwater Analytics Holdings, Inc. served 1,462 clients in total, a base that is now being cross-sold the expanded front-to-back capabilities.

Pension Funds and other Asset Owners.

This segment requires robust compliance and performance measurement for long-term liabilities. The platform's ability to handle complex, illiquid assets is a major draw. For instance, in Q2 2025, the company welcomed Germany's largest public insurer, Versicherungskammer Group, onto the integrated platform.

Global Enterprise Clientele managing complex, multi-asset portfolios.

This group spans the other categories but is defined by its global scale and need for a unified, multi-asset solution. The company secured a significant mandate in Q2 2025 from one of the largest banks in the world for global client reporting, showing traction in the top tier of global finance.

Here's a look at the scale metrics as of late 2025 reporting periods:

Metric	Value (As of Sep 30, 2025)	Value (As of Q2 2025)
Total Quarterly Revenue	$205.1 million	$181.9 million
Annualized Recurring Revenue (ARR)	$807.5 million	$783.5 million
Organic ARR (Excluding Acquisitions)	$534.4 million	N/A
Total Clients	N/A	1,462 (As of Dec 31, 2024)

The company is focused on expanding its footprint in international markets, as shown by the significant mandate secured in the APAC region during Q2 2025.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Cost Structure

You're managing a high-growth SaaS platform that's scaling rapidly through acquisitions; the cost structure reflects that investment in people and technology integration. Honestly, the biggest line items are going to be the talent you need to run and develop this complex system, plus the cost of the debt taken on for those recent deals.

Personnel and Stock-Based Compensation (SBC) represent a major component of the cost base, driven by the need for specialized software engineers and client service teams to support the growing platform and newly acquired entities. For the nine months ended September 30, 2025, Clearwater Analytics Holdings, Inc. reported total equity-based compensation expense of approximately $94.73 million. This run rate, if maintained, suggests an annualized SBC expense approaching $126.3 million for the full year 2025, which is a significant non-cash charge.

The company is also carrying a notable interest expense load following its 2025 acquisitions. Looking at the second quarter of 2025, the reported interest expense was $14,383 thousand (or $14.383 million) for the three months. Annualizing this Q2 figure suggests an interest expense run rate near $57.5 million for the full year 2025, reflecting the debt structure put in place post-Enfusion, Beacon, and Bistro integrations.

The cost of the platform itself-cloud infrastructure and data center operating costs-is embedded within the Cost of Revenue and Operating Expenses, though not explicitly broken out in the requested format. Total operating expenses for the twelve months ending June 30, 2025, reached $0.550 billion.

The impact of past acquisitions is clearly visible in the amortization of acquired intangible assets. For the second quarter of 2025, depreciation and amortization expense was reported at $26,752 thousand (or $26.752 million) for that single quarter. Annualizing this Q2 figure points to a run rate for D&A of approximately $107 million for the full year 2025, largely driven by the intangible assets from the recent M&A activity.

Here's a quick look at the run-rate costs derived from the mid-2025 reported figures:

Cost Component	Period Reported	Amount (in thousands)	Implied Annual Run Rate (based on period)
Total Equity-Based Compensation Expense	9 Months Ended Sept 30, 2025	94,730	~126,307
Interest Expense	Q2 2025 (3 Months)	14,383	~57,532
Depreciation and Amortization	Q2 2025 (3 Months)	26,752	~107,008

The high personnel costs are also reflected in the operating expense categories, particularly Research and Development (R&D) and Sales and Marketing (S&M), which are crucial for platform evolution and client acquisition. For the nine months ended September 30, 2025, the combined R&D and S&M expenses totaled:

• Research and development: $24,588 thousand.
• Sales and marketing: $26,870 thousand.
• General and administrative: $30,792 thousand (9 months).

The company is definitely spending to grow and integrate. Finance: draft 13-week cash view by Friday.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Revenue Streams

The revenue generation for Clearwater Analytics Holdings, Inc. is fundamentally anchored in its subscription-based software-as-a-service (SaaS) model, which provides the core platform for investment accounting and reporting.

The primary driver of top-line performance is the recurring revenue tied to the volume of assets managed on the platform. This is measured through Annualized Recurring Revenue (ARR), which reached a record $807.5 million as of the end of Q3 2025, representing a 77% year-over-year increase. This growth is fueled by both adding new clients and onboarding more assets from existing ones, with organic ARR accelerating sequentially to $534.4 million in Q3 2025. The stickiness of this revenue is reinforced by strong retention metrics, with Gross Revenue Retention Rate (GRR) at 98% and Net Revenue Retention Rate (NRR) at 108% as of Q3 2025.

Clearwater Analytics Holdings, Inc. has provided clear expectations for the full fiscal year:

• Full-year 2025 revenue guidance is between $730 million and $731 million.
• Full-year 2025 expected EBITDA is $247 million, implying a 34% margin.
• Q4 2025 revenue is projected to be between $216 million and $217 million.
• The company has successfully integrated its acquisitions, expanding the Total Addressable Market (TAM) to $23.3 billion.

The platform's revenue streams are enhanced through the sale of additional, specialized modules that build upon the core accounting functionality. This includes fees for risk analytics solutions, such as Beacon, and front-office capabilities, like Enfusion. The company noted securing two recent seven-figure risk deals, highlighting traction for the Beacon offering.

To give you a clearer picture of the key recurring revenue metrics as of the third quarter of 2025, here is a snapshot:

Metric	Value as of Q3 2025	Year-over-Year Change
Annualized Recurring Revenue (ARR)	$807.5 million	77% increase
Gross Revenue Retention Rate (GRR)	98%	Not specified
Net Revenue Retention Rate (NRR)	108%	Down modestly from 110% in Q2
Q3 2025 Total Revenue	$205.1 million	Up 77%
Non-GAAP Gross Margin (Q3 2025)	78.5%	Meeting 2027 targets ahead of schedule

Finally, while the platform subscription fees form the vast majority of the recognized revenue, Clearwater Analytics Holdings, Inc. also generates a component from professional services revenue, which is a minor part of the overall financial structure [as per outline].

Finance: draft 13-week cash view by Friday.