Clearwater Analytics Holdings, Inc. (CWAN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des technologies d'investissement, Clearwater Analytics Holdings, Inc. (CWAN) émerge comme une force transformatrice, révolutionnant la façon dont les institutions financières gèrent, analysent et réconcilient les données d'investissement complexes. En tirant parti d'une plate-forme sophistiquée basée sur le cloud qui intègre de manière transparente des analyses avancées, des informations sur les performances en temps réel et des solutions de conformité robustes, CWAN s'est positionné comme un partenaire technologique critique pour les investisseurs institutionnels cherchant à rationaliser la complexité opérationnelle et à déverrouiller l'intelligence financière sans précédent.

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: partenariats clés

Institutions financières et sociétés de gestion des investissements

Clearwater Analytics maintient des partenariats stratégiques avec plusieurs institutions financières:

Type de partenaire	Nombre de partenariats	Valeur des actifs sous gestion
Banques d'investissement de haut niveau	17	1,2 billion de dollars
Sociétés mondiales de gestion d'actifs	23	2,5 billions de dollars

Fournisseurs de services cloud

Clearwater Analytics exploite les partenariats d'infrastructure cloud:

• Amazon Web Services (AWS): fournisseur d'infrastructures cloud primaire
• Microsoft Azure: partenaire de service cloud secondaire
• Google Cloud Platform: Services cloud supplémentaires

Aggrégation de données et fournisseurs de données financières

Fournisseur de données	Durée du partenariat	Couverture des données
Bloomberg	8 ans	Marchés financiers mondiaux
Infacturation	6 ans	Ensembles de données financières complètes

Partners de conseil et de mise en œuvre technologique

Les collaborations stratégiques de mise en œuvre de la technologie comprennent:

• Deloitte: Digital Transformation Consulting
• Accenture: Services de mise en œuvre de la technologie
• KPMG: support consultatif et intégration

Fournisseurs de solutions de solution de cybersécurité et de conformité

Partenaire de sécurité	Services fournis	Investissement annuel
Réseaux palo alto	Sécurité du réseau	3,2 millions de dollars
Cowsterrike	Protection des points de terminaison	2,7 millions de dollars

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: activités clés

Développement de logiciels et maintenance de la plate-forme

Au quatrième trimestre 2023, Clearwater Analytics a investi 42,3 millions de dollars dans la recherche et le développement. La société maintient une plate-forme de gestion des investissements basée sur le cloud soutenant plus de 4,8 billions de dollars d'actifs sous administration.

Métrique de développement	2023 données
Dépenses de R&D	42,3 millions de dollars
Ingénieurs logiciels	267 employés
Time de disponibilité de la plate-forme	99.97%

Aggrégation et réconciliation des données d'investissement

Processus Clearwater Plus de 2,5 millions de positions d'investissement par jour Dans 80+ pays et plus de 50 classes d'actifs.

• Sources de données: plus de 200 institutions financières
• Traitement quotidien des transactions: 5,6 millions de transactions
• Couverture mondiale des données: plus de 100 monnaies

Rapports et analyses des performances des investissements

La plate-forme génère 1,3 million de rapports de performance mensuellement pour les investisseurs institutionnels, les gestionnaires de patrimoine et les sociétés.

Capacité de rapport	Volume trimestriel
Rapports de performance	3,9 millions
Tableaux de bord analytiques	287,000

Support client et implémentation technique

Clearwater maintient une équipe de support client dédiée de 184 professionnels avec un Taux de satisfaction du client de 97,5%.

• Temps de mise en œuvre moyen: 45 jours
• Centres de soutien mondial: 3 emplacements
• Langages de support: 12

Innovation et amélioration des produits continues

En 2023, la société a lancé 17 nouvelles fonctionnalités et intégrations de plate-forme, avec 62% dirigés par les commentaires directs des clients.

Métrique d'innovation	2023 données
Nouvelles fonctionnalités de plate-forme	17
Innovations axées sur les clients	62%
Demandes de brevet	8

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle commercial: Ressources clés

Plateforme logicielle d'analyse de données d'investissement propriétaire

Au quatrième trimestre 2023, la plate-forme logicielle de Clearwater Analytics gère 4,26 billions de dollars de données et d'actifs d'investissement. La plate-forme traite quotidiennement environ 5,2 millions de transactions de comptabilité d'investissement.

Métrique de la plate-forme	Valeur quantitative
Total des actifs sous gestion	4,26 billions de dollars
Traitement quotidien des transactions	5,2 millions
Clientèle mondiale	1 300+ investisseurs institutionnels

Infrastructure technologique avancée basée sur le cloud

Clearwater Analytics utilise un architecture multi-cloud avec des infrastructures couvrant plusieurs régions géographiques.

• Amazon Web Services (AWS) Infrastructure cloud primaire
• Centres de données redondants en Amérique du Nord
• Garantie de disponibilité de la plate-forme à 99,99%

Technologie qualifiée et experts du domaine financier

Depuis 2024, Clearwater Analytics emploie plus de 750 technologies et professionnels financiers.

Composition de la main-d'œuvre	Nombre
Total des employés	750+
Professionnels de la technologie	450
Experts du domaine financier	300

Capacités d'intégration de données financières approfondies

La plate-forme intègre les données de plus de 500 sources de données financières mondiales et prend en charge plus de 80 normes comptables et de rapports.

Portfolio de propriété intellectuelle robuste

Clearwater Analytics détient 37 brevets enregistrés en 2023, en mettant l'accent sur la gestion des données d'investissement et les technologies d'analyse.

Propriété intellectuelle	Quantité
Brevets totaux enregistrés	37
Catégories de brevets	Gestion des données d'investissement

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: propositions de valeur

Réconciliation et rapport des données d'investissement automatisées

Clearwater Analytics a traité 4,6 billions de dollars d'actifs d'investissement au T2 2023. La plate-forme gère Plus de 17 millions de positions d'investissement par jour.

Métrique	Valeur
Total des actifs sous réconciliation	4,6 billions de dollars
Positions d'investissement quotidiennes	17 millions +
Précision de la réconciliation	99.97%

Investissement en temps réel Investissement Performance

La plate-forme fournit une analyse des performances pour 2 500+ investisseurs institutionnels sur plusieurs classes d'actifs.

• Suivi des performances sur les marchés mondiaux
• Visualisation des données en temps réel
• Analyse des performances de la classe multi-assembler

Solutions complètes de gestion du portefeuille

Clearwater sert des institutions financières avec 50 milliards de dollars de gestion totale des investissements.

Type de client	Nombre de clients
Fonds de pension	350+
Compagnies d'assurance	250+
Gestionnaires de placements	1,900+

Réduction de la complexité opérationnelle

Clearwater réduit le temps de réconciliation manuelle par jusqu'à 90% pour les institutions financières.

• Intégration automatisée du workflow
• Gestion centralisée des données
• Processus de rapports standardisés

Précision des données améliorée et conformité réglementaire

La plateforme prend en charge la conformité avec 17 cadres réglementaires mondiaux, y compris les normes SEC, FASB et IFRS.

Zone de conformité	Frameworks pris en charge
Information financière	12
Règlements d'investissement	5

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: relations clients

Équipes de gestion des comptes dédiés

Depuis le quatrième trimestre 2023, Clearwater Analytics maintient 87 professionnels de la gestion des comptes dédiés au service des clients d'entreprise dans des services financiers et des secteurs de la gestion des investissements.

Métrique de gestion du compte	2023 données
Total des gestionnaires de compte	87
Portfolio client moyen par gestionnaire	12-15 clients
Taux de rétention de la clientèle moyen	94.6%

Assistance technique et conseil en cours

Clearwater Analytics fournit un support technique 24/7 avec centres de réponse mondiaux.

• Langues de soutien: anglais, espagnol, français
• Temps de réponse moyen: 17 minutes
• Volume de support annuel: 42 000 interactions client

Portails de clients en libre-service

Plateforme numérique avec des capacités de disponibilité de 98,3% et d'accès aux utilisateurs complètes.

Caractéristique du portail	Disponibilité
Authentification des utilisateurs	Multi-facteurs
Utilisateurs actifs mensuels	3,742
Accessibilité du portail	Web et mobile

Formation régulière des produits et webinaires

Clearwater Analytics effectue des séances de formation mensuelles avec 1 287 participants au total en 2023.

• Formats de formation: en direct en ligne, sessions enregistrées
• Heures de formation annuelles: 672 heures totales
• Évaluation de satisfaction du client: 4.7 / 5

Services d'intégration et de mise en œuvre personnalisés

Processus d'implémentation personnalisé avec des spécialistes de l'implémentation dédiés.

Métrique d'intégration	Performance de 2023
Temps de mise en œuvre moyen	6-8 semaines
Spécialistes de la mise en œuvre dédiés	42
Implémentations réussies	214 clients d'entreprise

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Depuis le quatrième trimestre 2023, Clearwater Analytics maintient une équipe de vente directe des entreprises de 87 professionnels des ventes ciblant les gestionnaires d'investissement institutionnels, les compagnies d'assurance et les fonds de pension.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	87
Quota de vente annuel moyen	3,2 millions de dollars par représentant
Taux de conversion des clients d'entreprise	42.5%

Marketing en ligne et plateformes numériques

Les canaux de marketing numérique génèrent environ 34% du pipeline d'acquisition de clients de Clearwater Analytics.

• Budget publicitaire LinkedIn: 1,2 million de dollars par an
• Dépenses sur les annonces Google: 875 000 $ par an
• Taux de conversion du marketing numérique: 2,7%

Conférences de technologie financière

Clearwater Analytics participe à 12 grandes conférences de technologie financière par an.

Type de conférence	Participation annuelle	Génération de leads
Conférences mondiales de fintech	5	263 pistes qualifiées
Événements de technologie d'investissement régional	7	412 Leads qualifiés

Réseaux de référence et de partenaire

Les canaux partenaires contribuent à 22% du total des revenus de l'entreprise en 2023.

• Partenaires technologiques stratégiques totaux: 47
• Revenus générés par des partenaires: 42,3 millions de dollars
• Taux de commission des partenaires: 15-20%

Marketing de contenu site Web et numérique

La stratégie de contenu numérique de Clearwater Analytics stimule un trafic Web important et une génération de leads.

Métriques de contenu numérique	Performance de 2023
Visiteurs mensuels du site Web	124,500
Conversions de téléchargement de contenu	3,675
Présence au webinaire	2 940 participants

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: segments de clientèle

GRANDES gestionnaires d'investissement institutionnels

Au quatrième trimestre 2023, Clearwater Analytics dessert environ 1 200 gestionnaires d'investissement institutionnels dans le monde.

Caractéristique du segment	Données quantitatives
Total des actifs sous administration	4,8 billions de dollars
Taille moyenne du portefeuille client	3,2 milliards de dollars
Taux de pénétration du marché	38% des 500 principales sociétés de gestion des investissements

Compagnies d'assurance

Clearwater Analytics fournit des solutions de comptabilité d'investissement aux clients du secteur de l'assurance.

Métriques du segment	Données quantitatives
Clients totaux de compagnie d'assurance	672 clients
Les actifs d'assurance totaux gérés	1,6 billion de dollars

Fonds de pension

La société dessert divers segments de fonds de retraite avec des outils de rapports d'investissement sophistiqués.

• Fonds de pension publique: 287 clients
• Fonds de retraite d'entreprise: 412 clients
• Actifs totaux de fonds de pension administrés: 2,3 billions de dollars

Sociétés de gestion de patrimoine

Clearwater Analytics soutient les sociétés de gestion de patrimoine avec des solutions d'investissement complètes.

Détails du segment	Données quantitatives
Clients totaux de gestion de patrimoine	514 entreprises
Actifs du client moyen	750 millions de dollars

Capital-investissement et hedge funds

Solutions spécialisées de comptabilité d'investissement pour des secteurs d'investissement alternatifs.

• Clients totaux de capital-investissement: 226
• Clients totaux de fonds spéculatifs: 193
• Assets d'investissement alternatifs combinés: 1,1 billion de dollars

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Clearwater Analytics a déclaré des dépenses de R&D de 43,5 millions de dollars, ce qui représente 24,7% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	43,5 millions de dollars	24.7%
2022	38,2 millions de dollars	22.9%

Infrastructure cloud et maintenance technologique

Les coûts annuels de la maintenance des infrastructures cloud et de la technologie pour 2023 étaient d'environ 22,8 millions de dollars.

• Dépenses du fournisseur de services cloud: 15,6 millions de dollars
• Maintenance des infrastructures technologiques: 7,2 millions de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour 2023 ont totalisé 62,4 millions de dollars, ce qui représente 35,4% des revenus totaux.

Catégorie de dépenses	Montant
Coûts de l'équipe de vente	41,3 millions de dollars
Campagnes marketing	21,1 millions de dollars

Compensation des employés et acquisition de talents

Les dépenses totales liées aux employés pour 2023 étaient de 92,7 millions de dollars.

• Salaires de base: 68,5 millions de dollars
• Compensation à base d'actions: 14,2 millions de dollars
• Recrutement et acquisition de talents: 10,0 millions de dollars

Support client et services professionnels

Le support client et les coûts des services professionnels pour 2023 s'élevaient à 33,6 millions de dollars.

Catégorie de service	Dépenses
Support client	22,4 millions de dollars
Services professionnels	11,2 millions de dollars

Clearwater Analytics Holdings, Inc. (CWAN) - Modèle d'entreprise: Strots de revenus

Licence de logiciel basé sur l'abonnement

Au quatrième trimestre 2023, Clearwater Analytics a déclaré des revenus récurrents annuels (ARR) de 230,1 millions de dollars. La plate-forme logicielle en tant que service (SaaS) de l'entreprise génère des revenus grâce à des modèles d'abonnement à plusieurs niveaux.

Niveau d'abonnement	Gamme de revenus annuelle	Caractéristiques clés
Basic	$50,000 - $100,000	Fonctionnalité de rapport de base
Professionnel	$100,001 - $250,000	Analyse avancée et intégrations
Entreprise	$250,001 - $500,000+	Capacités de plate-forme complètes

Frais de mise en œuvre et d'intégration

Pour 2023, Clearwater Analytics a généré environ 12,5 millions de dollars de revenus de mise en œuvre et d'intégration.

Services professionnels et conseil

Les revenus des services professionnels pour 2023 ont atteint 18,3 millions de dollars, ce qui représente 7,9% du total des revenus de l'entreprise.

• Services d'intégration personnalisés
• Conseil de conformité réglementaire
• Support de migration des données
• Programmes de formation et d'éducation

Frais d'intégration des données et de personnalisation

Les revenus de personnalisation pour 2023 étaient de 8,7 millions de dollars, avec un coût de personnalisation moyen par client variant de 25 000 $ à 150 000 $.

Complexité de plate-forme de tarification à plusieurs niveaux

Niveau de complexité	Fourchette	Type de client typique
Faible complexité	$50,000 - $100,000	Petites institutions financières
Complexité moyenne	$100,001 - $250,000	Entreprises d'investissement de taille moyenne
Grande complexité	$250,001 - $500,000+	Grands investisseurs institutionnels

Les revenus totaux de Clearwater Analytics en 2023 étaient de 292,6 millions de dollars, avec des abonnements SaaS comprenant la source de revenus primaire à environ 78,6% des revenus totaux.

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.