Clearwater Analytics Holdings, Inc. (CWAN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de investimento, a Clearwater Analytics Holdings, Inc. (CWAN) surge como uma força transformadora, revolucionando como as instituições financeiras gerenciam, analisam e reconciliam dados complexos de investimento. Ao alavancar uma plataforma sofisticada baseada em nuvem que integra perfeitamente análises avançadas, insights de desempenho em tempo real e soluções robustas de conformidade, a CWAN se posicionou como um parceiro tecnológico crítico para investidores institucionais que buscam otimizar a complexidade operacional e desbloquear inteligência financeira sem precedentes.

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: Parcerias -chave

Instituições financeiras e empresas de gerenciamento de investimentos

A Clearwater Analytics mantém parcerias estratégicas com várias instituições financeiras:

Tipo de parceiro	Número de parcerias	Valor do ativo sob gerenciamento
Bancos de investimento de primeira linha	17	US $ 1,2 trilhão
Empresas globais de gerenciamento de ativos	23	US $ 2,5 trilhões

Provedores de serviços em nuvem

A Clearwater Analytics aproveita as parcerias de infraestrutura em nuvem:

• Amazon Web Services (AWS): Provedor de infraestrutura em nuvem primária
• Microsoft Azure: parceiro de serviço em nuvem secundário
• Plataforma do Google Cloud: serviços suplementares em nuvem

Agregação de dados e fornecedores de dados financeiros

Provedor de dados	Duração da parceria	Cobertura de dados
Bloomberg	8 anos	Mercados financeiros globais
FACTSET	6 anos	Conjuntos de dados financeiros abrangentes

Parceiros de consultoria e implementação de tecnologia

As colaborações de implementação de tecnologia estratégica incluem:

• Deloitte: Consultoria de Transformação Digital
• Accenture: Serviços de implementação de tecnologia
• KPMG: suporte de consultoria e integração

Provedores de solução de segurança cibernética e conformidade

Parceiro de segurança	Serviços prestados	Investimento anual
Redes Palo Alto	Segurança de rede	US $ 3,2 milhões
Crowdstrike	Proteção do terminal	US $ 2,7 milhões

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: Atividades -chave

Desenvolvimento de software e manutenção de plataforma

A partir do quarto trimestre 2023, a Clearwater Analytics investiu US $ 42,3 milhões em pesquisa e desenvolvimento. A empresa mantém uma plataforma de gerenciamento de investimentos baseada em nuvem que suporta mais de US $ 4,8 trilhões em ativos sob administração.

Métrica de Desenvolvimento	2023 dados
Despesas de P&D	US $ 42,3 milhões
Engenheiros de software	267 funcionários
Tempo de atividade da plataforma	99.97%

Agregação e reconciliação de dados de investimento

Processos de Clearwater Mais de 2,5 milhões de posições de investimento diariamente em mais de 80 países e mais de 50 aulas de ativos.

• Fontes de dados: 1.200 mais de instituições financeiras
• Processamento diário de transações: 5,6 milhões de transações
• Cobertura global de dados: mais de 100 moedas

Relatórios de desempenho de investimento e análise

A plataforma gera 1,3 milhão de relatórios de desempenho mensalmente para investidores institucionais, gerentes de patrimônio e corporações institucionais.

Capacidade de relatório	Volume trimestral
Relatórios de desempenho	3,9 milhões
Painéis de análise	287,000

Suporte ao cliente e implementação técnica

Clearwater mantém uma equipe dedicada de suporte ao cliente de 184 profissionais com um 97,5% Taxa de satisfação do cliente.

• Tempo médio de implementação: 45 dias
• Centros de Suporte Global: 3 Locais
• Idiomas de suporte: 12

Inovação contínua de produtos e aprimoramento

Em 2023, a empresa lançou 17 novos recursos e integrações da plataforma, com 62% impulsionados pelo feedback direto do cliente.

Métrica de inovação	2023 dados
Novos recursos da plataforma	17
Inovações orientadas ao cliente	62%
Aplicações de patentes	8

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: Recursos -chave

Plataforma proprietária de software de análise de dados de investimento

A partir do quarto trimestre 2023, a plataforma de software da Clearwater Analytics gerencia US $ 4,26 trilhões em dados e ativos de investimento. A plataforma processa aproximadamente 5,2 milhões de transações de contabilidade de investimentos diariamente.

Métrica da plataforma	Valor quantitativo
Total de ativos sob gestão	US $ 4,26 trilhões
Processamento diário de transações	5,2 milhões
Base global de clientes	1.300 mais de investidores institucionais

Infraestrutura tecnológica baseada em nuvem avançada

Clearwater Analytics utiliza um Arquitetura de várias nuvens com a infraestrutura abrangendo várias regiões geográficas.

• Amazon Web Services (AWS) Infraestrutura em nuvem
• Data centers redundantes na América do Norte
• 99,99% Garantia de tempo de tempo da plataforma

Tecnologia qualificada e especialistas em domínio financeiro

A partir de 2024, a Clearwater Analytics emprega mais de 750 profissionais financeiros de tecnologia e tecnologia.

Composição da força de trabalho	Número
Total de funcionários	750+
Profissionais de tecnologia	450
Especialistas em domínio financeiro	300

Extensos recursos de integração de dados financeiros

A plataforma integra dados de mais de 500 fontes de dados financeiros globais e suporta mais de 80 padrões de contabilidade e relatório.

Portfólio de propriedade intelectual robusta

A Clearwater Analytics detém 37 patentes registradas a partir de 2023, com foco no gerenciamento de dados de investimentos e tecnologias de análise.

Propriedade intelectual	Quantidade
Total de patentes registradas	37
Categorias de patentes	Gerenciamento de dados de investimento

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: proposições de valor

Reconciliação e relatórios automatizados de dados de investimento

Clearwater Analytics processou US $ 4,6 trilhões em ativos de investimento a partir do quarto trimestre 2023. A plataforma alça Mais de 17 milhões de posições de investimento diariamente.

Métrica	Valor
Total de ativos sob reconciliação	US $ 4,6 trilhões
Posições diárias de investimento	17 milhões+
Precisão da reconciliação	99.97%

Insights de desempenho de investimento em tempo real

A plataforma fornece análise de desempenho para Mais de 2.500 investidores institucionais em várias classes de ativos.

• Rastreamento de desempenho nos mercados globais
• Visualização de dados em tempo real
• Análise de desempenho de classe multi-ativa

Soluções abrangentes de gerenciamento de portfólio

Clearwater serve instituições financeiras com US $ 50+ bilhões em gestão total de investimentos.

Tipo de cliente	Número de clientes
Fundos de pensão	350+
Companhias de seguros	250+
Gerentes de investimento	1,900+

Complexidade operacional reduzida

Clearwater reduz o tempo de reconciliação manual por até 90% para instituições financeiras.

• Integração automatizada do fluxo de trabalho
• Gerenciamento de dados centralizado
• Processos de relatórios padronizados

Precisão de dados aprimorada e conformidade regulatória

A plataforma suporta a conformidade com 17 estruturas regulatórias globais, incluindo padrões SEC, FASB e IFRS.

Área de conformidade	Estruturas suportadas
Relatórios financeiros	12
Regulamentos de investimento	5

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: Relacionamentos do cliente

Equipes de gerenciamento de contas dedicadas

A partir do quarto trimestre 2023, a Clearwater Analytics mantém 87 profissionais de gerenciamento de contas dedicados que atendem a clientes corporativos nos setores de serviços financeiros e gerenciamento de investimentos.

Métrica de gerenciamento de contas	2023 dados
Gerentes de contas totais	87
Portfólio médio de clientes por gerente	12-15 clientes
Taxa média de retenção de clientes	94.6%

Suporte técnico e consultoria em andamento

Clearwater Analytics fornece suporte técnico 24/7 com Centros de Resposta Global.

• Idiomas de suporte: inglês, espanhol, francês
• Tempo médio de resposta: 17 minutos
• Volume de suporte anual: 42.000 interações com os clientes

Portais de clientes de autoatendimento

Plataforma digital com tempo de atividade de 98,3% e recursos abrangentes de acesso ao usuário.

Recurso do portal	Disponibilidade
Autenticação do usuário	Multi-fator
Usuários ativos mensais	3,742
Acessibilidade do portal	Web e celular

Treinamento regular de produtos e seminários on -line

A Clearwater Analytics realiza sessões de treinamento mensais com 1.287 participantes totais em 2023.

• Formatos de treinamento: Live online, sessões gravadas
• Horário anual de treinamento: 672 horas totais
• Classificação de satisfação do cliente: 4.7/5

Serviços personalizados de integração e implementação

Processo de implementação personalizado com especialistas em implementação dedicados.

Métrica de integração	2023 desempenho
Tempo médio de implementação	6-8 semanas
Especialistas em implementação dedicados	42
Implementações bem -sucedidas	214 clientes corporativos

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: canais

Equipe de vendas da empresa direta

A partir do quarto trimestre 2023, a Clearwater Analytics mantém uma equipe de vendas direta da empresa de 87 profissionais de vendas direcionados aos gerentes institucionais de investimento, companhias de seguros e fundos de pensão.

Métricas da equipe de vendas	2023 dados
Total de representantes de vendas	87
Cota média de vendas anual	US $ 3,2 milhões por representante
Taxa de conversão do cliente corporativo	42.5%

Plataformas de marketing on -line e digital

Os canais de marketing digital geram aproximadamente 34% do pipeline de aquisição de clientes da Clearwater Analytics.

• Orçamento de publicidade do LinkedIn: US $ 1,2 milhão anualmente
• Gastos do Google anúncios: US $ 875.000 por ano
• Taxa de conversão de marketing digital: 2,7%

Conferências de Tecnologia Financeira

A Clearwater Analytics participa de 12 principais conferências de tecnologia financeira anualmente.

Tipo de conferência	Participação anual	Geração de chumbo
Conferências globais de fintech	5	263 leads qualificados
Eventos regionais de tecnologia de investimento	7	412 leads qualificados

Redes de referência e parceiros

Os canais parceiros contribuem com 22% da receita total da empresa em 2023.

• Total Strategic Technology Partners: 47
• Receita gerada por parceiro: US $ 42,3 milhões
• Taxa de comissão de parceiros: 15-20%

Site e marketing de conteúdo digital

A estratégia de conteúdo digital da Clearwater Analytics gera tráfego da Web significativo e geração de leads.

Métricas de conteúdo digital	2023 desempenho
Visitantes mensais do site	124,500
Conversões de download de conteúdo	3,675
Participação no webinar	2.940 participantes

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: segmentos de clientes

Grandes gerentes de investimento institucional

A partir do quarto trimestre 2023, a Clearwater Analytics atende a aproximadamente 1.200 gerentes de investimento institucional globalmente.

Característica do segmento	Dados quantitativos
Total de ativos sob administração	US $ 4,8 trilhões
Tamanho médio do portfólio de clientes	US $ 3,2 bilhões
Taxa de penetração de mercado	38% das 500 principais empresas de gerenciamento de investimentos

Companhias de seguros

A Clearwater Analytics fornece soluções de contabilidade de investimento para clientes do setor de seguros.

Métricas de segmento	Dados quantitativos
Total de seguros da companhia de seguros	672 clientes
Total de ativos de seguro gerenciado	US $ 1,6 trilhão

Fundos de pensão

A empresa atende a diversos segmentos de fundos de pensão com ferramentas sofisticadas de relatórios de investimento.

• Fundos de pensão pública: 287 clientes
• Fundos de pensão corporativa: 412 clientes
• Total de ativos do fundo de pensão administrado: US $ 2,3 trilhões

Empresas de gerenciamento de patrimônio

A Clearwater Analytics apóia empresas de gerenciamento de patrimônio com soluções abrangentes de investimento.

Detalhes do segmento	Dados quantitativos
Total de clientes de gerenciamento de patrimônio	514 empresas
Ativos médios do cliente	US $ 750 milhões

Fundos de private equity e hedge

Soluções de contabilidade de investimento especializadas para setores de investimento alternativos.

• Total de clientes de private equity: 226
• Total de clientes de hedge Fund Client: 193
• Ativo de investimento alternativo combinado: US $ 1,1 trilhão

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Clearwater Analytics registrou despesas de P&D de US $ 43,5 milhões, representando 24,7% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 43,5 milhões	24.7%
2022	US $ 38,2 milhões	22.9%

Infraestrutura em nuvem e manutenção de tecnologia

Os custos anuais de infraestrutura em nuvem e manutenção de tecnologia para 2023 foram de aproximadamente US $ 22,8 milhões.

• Despesas de provedores de serviços em nuvem: US $ 15,6 milhões
• Manutenção de infraestrutura tecnológica: US $ 7,2 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing para 2023 totalizaram US $ 62,4 milhões, representando 35,4% da receita total.

Categoria de despesa	Quantia
Custos da equipe de vendas	US $ 41,3 milhões
Campanhas de marketing	US $ 21,1 milhões

Compensação de funcionários e aquisição de talentos

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 92,7 milhões.

• Salários base: US $ 68,5 milhões
• Compensação baseada em ações: US $ 14,2 milhões
• Recrutamento e aquisição de talentos: US $ 10,0 milhões

Suporte ao cliente e serviços profissionais

Os custos de suporte ao cliente e serviços profissionais para 2023 totalizaram US $ 33,6 milhões.

Categoria de serviço	Despesas
Suporte ao cliente	US $ 22,4 milhões
Serviços profissionais	US $ 11,2 milhões

Clearwater Analytics Holdings, Inc. (CWAN) - Modelo de negócios: fluxos de receita

Licenciamento de software baseado em assinatura

No quarto trimestre 2023, a Clearwater Analytics registrou receita anual recorrente (ARR) de US $ 230,1 milhões. A plataforma de software como serviço (SaaS) da empresa gera receita por meio de modelos de assinatura em camadas.

Camada de assinatura	Faixa de receita anual	Principais recursos
Basic	$50,000 - $100,000	Funcionalidade de relatório central
Profissional	$100,001 - $250,000	Análise e integrações avançadas
Empresa	$250,001 - $500,000+	Recursos completos da plataforma

Implementação e integração de taxas

Para 2023, a Clearwater Analytics gerou aproximadamente US $ 12,5 milhões em implementação e receita de integração.

Serviços profissionais e consultoria

A receita de serviços profissionais para 2023 atingiu US $ 18,3 milhões, representando 7,9% da receita total da empresa.

• Serviços de integração personalizados
• Consultoria de conformidade regulatória
• Suporte de migração de dados
• Programas de treinamento e educação

Encargos de integração e personalização de dados

A receita de personalização para 2023 foi de US $ 8,7 milhões, com um custo médio de personalização por cliente variando de US $ 25.000 a US $ 150.000.

Complexidade da plataforma de preços em camadas

Nível de complexidade	Faixa de preço	Tipo de cliente típico
Baixa complexidade	$50,000 - $100,000	Pequenas instituições financeiras
Complexidade média	$100,001 - $250,000	Empresas de investimento de tamanho médio
Alta complexidade	$250,001 - $500,000+	Grandes investidores institucionais

A receita total da análise de Clearwater em 2023 foi de US $ 292,6 milhões, com assinaturas de SaaS compreendendo o fluxo de receita primária em aproximadamente 78,6% da receita total.

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.