Clearwater Analytics Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

Clearwater Analytics Strengths, Domain Expertise, and Key Differentiators

Clearwater Analytics distinguishes itself through its robust technological infrastructure and client-centric approach. The company’s SaaS-based platform is the industry’s first and only true SaaS solution for investment accounting and analytics, managing $8.8 trillion in assets under management (AUM) with over 13,000 users . This scalability supports a diverse client base, including asset managers, insurers, corporations, and pension plans. Automation is a core strength, with 91% of reconciliations fully automated, significantly reducing manual workloads and enabling clients to close financial books in days rather than weeks. Clearwater’s commitment to continuous improvement is evident in its release of over 1,200 code updates annually, ensuring the platform remains cutting-edge. The AI-enabled platform provides an end-to-end investment solution, streamlining investment accounting, compliance, and risk assessment with high accuracy and efficiency. Clearwater’s client satisfaction is exceptional, reflected in a Net Promoter Score (NPS) exceeding 60, well above industry benchmarks. The company has received multiple industry awards, including recognition as a global leader in investment management technology. Its platform supports a wide array of asset classes, multiple accounting bases, and regulatory requirements such as NAIC, Solvency II, and Lloyd’s, making it highly versatile. Customizable dashboards and user-friendly reporting further enhance its appeal, allowing clients to tailor insights to their specific needs.

Clearwater Analytics Recent Developments

The company’s Q1 2025 financial performance was exceptional, with revenue reaching $126.9 million, a 24% increase from $102.7 million in Q1 2024, and Adjusted EBITDA climbing 40% to $45.1 million. Annualized Recurring Revenue (ARR) grew 23% to $493.9 million, reflecting strong client adoption and retention, with a Net Revenue Retention Rate of 114%. These metrics highlight Clearwater’s ability to deliver value in volatile market environments, where institutional investors demand comprehensive, real-time portfolio insights.

Technological innovation remains a cornerstone of Clearwater’s strategy. The Clearwater-GPT platform, launched in July 2023, represents the first generative AI technology tailored for investment management. It streamlines operations across sales, service, marketing, IT, and client interactions by enabling investors to engage with data through interactive prompts, delivering tailored AI-generated insights via a secure interface. This platform enhances clients’ ability to analyze investment data swiftly and adapt to market shifts, maintaining confidentiality and data privacy.

Clearwater Analytics Mergers and Acquisitions (M&A) Activities

Clearwater Analytics has pursued an aggressive acquisition strategy to enhance its technological capabilities and market reach. In 2025, the company completed three transformative acquisitions. Enfusion acquired in April 2025 for $1.5 billion, Enfusion is a Chicago-based investment management platform specializing in order execution and post-trade operations. This acquisition expands Clearwater’s front-office capabilities, enabling a seamless front-to-back solution.

Beacon acquired in March 2025 for $560 million, Beacon provides cross-asset class modeling and risk analytics, strengthening Clearwater’s portfolio management across public and private markets. Bistro Purchased from Blackstone in March 2025 for $125 million, Bistro is a portfolio visualization software platform tailored for credit and insurance businesses, enhancing Clearwater’s data visualization offerings. These acquisitions aim to create a unified, real-time portfolio view across all asset types on a cloud-native platform, positioning Clearwater as the first comprehensive cloud-native front-to-back solution for investment management. In April 2024, Clearwater also acquired risk and performance analytics solutions from Wilshire Advisors for $40 million, adding fixed income and equity analytics to its portfolio.

Building on earlier efforts, the 2022 acquisition of JUMP Technology, a Paris-based provider of investment management software, for €75 million, integrated front and middle-office capabilities such as portfolio management, order management, and unit-linked fund processing. This acquisition complemented Clearwater’s investment accounting platform, empowering clients with sophisticated performance management algorithms. Collectively, these strategic moves enhance Clearwater’s ability to deliver end-to-end solutions, though integration challenges and financial risks remain.

Clearwater Analytics Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Clearwater Analytics applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Clearwater Analytics and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Clearwater Analytics, customers.

Clearwater Analytics Key Enterprise and Cloud Applications

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Clearwater Analytics Direct vs Indirect sales

Clearwater Analytics Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Clearwater Analytics Customers

No. of Clearwater Analytics Customers: 1462

No. of Clearwater Analytics Enterprise Applications Customers: 1462

No. of Clearwater Analytics Cloud Customers: 1462

No. of Clearwater Analytics Cloud Subscribers: 13000

Clearwater Analytics serves a diverse and growing clientele of over 1,400 organizations, spanning asset managers, insurers, corporations, and pension plans. Recent client additions in Q1 2025 include high-profile names such as: AllianceBernstein LP US, Central Bank of Peru, Kayne Anderson Rudnick Investment Management, McCormick & Company, Incorporated, Community Health Plan of WA, El Paso Community Foundation. These additions complement Clearwater’s existing client base, which includes major corporations like Best Buy, Cisco, Costco, Facebook, Netflix, Oracle, and Yahoo!. The company’s platform simplifies the complexities of aggregating, reconciling, analyzing, and reporting on investment portfolios, enabling clients to make informed decisions efficiently. Clearwater’s ability to attract and retain marquee clients underscores its reputation for delivering tailored, high-value solutions across industries and geographies.

Clearwater Analytics Market Opportunities, M&A and Geo Expansions

Clearwater Analytics is well-positioned to capitalize on several growth opportunities. The appointment of Sunil Dixit as Chief Product Officer in July 2023 has been a catalyst for innovation. Dixit’s extensive experience in developing market-leading financial services products is driving the creation of client-centric solutions that address current market demands and anticipate future trends. His leadership is pivotal in advancing Clearwater’s mission to transform the investment management industry. Geographic expansion presents another significant opportunity. Clearwater has strengthened its presence in the UK market, serving a growing number of insurance clients with automated investment accounting, reporting, and analytics services. With established operations in London and Edinburgh, and further expansion into France, Germany, and the Netherlands, Clearwater is well-equipped to meet the needs of European clients. The company’s focus on regulatory compliance, supporting standards like IFRS and Solvency II, enhances its appeal in these markets.

Additionally, Clearwater’s recent acquisitions open new avenues for growth by expanding its technological capabilities and market reach. The integration of Enfusion, Beacon, and Bistro positions Clearwater to offer a comprehensive front-to-back platform, potentially attracting new clients and deepening relationships with existing ones. The company’s strong financial performance and high client retention rates provide a solid foundation for pursuing these opportunities.

Clearwater Analytics Risks and Challenges

Clearwater Analytics faces several risks that could impact its growth and operational success. The integration of its 2025 acquisitions—Enfusion, Beacon, and Bistro—presents significant challenges, including aligning operations, retaining key employees, and maintaining client relationships. The company must also manage increased debt from these acquisitions and comply with associated financial covenants, which could strain its financial resources.

Competitive pressures from established players like Bloomberg and Wolters Kluwer remain a concern. These competitors have longer histories and robust analytics businesses, requiring Clearwater to continuously enhance its platform’s distinguishing features to maintain its edge. Rapid technological advancements, particularly in artificial intelligence, demand ongoing investment to keep pace, while potential disruptions in technology infrastructure could affect service reliability.

Market volatility and economic downturns pose additional risks, as they could reduce the value of assets on Clearwater’s platform, impacting revenue. The company’s reliance on third-party data providers introduces vulnerabilities to changes in the financial data landscape. Protecting confidential information and intellectual property, attracting and retaining skilled talent, and ensuring solution reliability are critical to mitigating these risks. Clearwater’s proactive approach to innovation and client satisfaction positions it to address these challenges effectively, but vigilance is required.

Clearwater Analytics Ecosystem, Partners, Resellers and SI

Clearwater Analytics has cultivated a robust ecosystem through strategic partnerships and acquisitions, enhancing its ability to deliver comprehensive solutions. The 2025 acquisitions of Enfusion, Beacon, and Bistro have integrated advanced risk analytics, portfolio management, and data visualization capabilities into Clearwater’s platform, creating a more holistic offering for clients. These acquisitions complement existing collaborations with over 50 custodians, asset managers, dealers/brokers, and electronic trading portals, including Decision Analytics, Inc., Accuvest, Fifth Third Bank, Halyard, and Northern Trust.

The strategic partnership with Flyer Financial Technologies, established in March 2022, continues to support asset management clients by providing a unified front-to-back office platform. This collaboration combines Flyer’s cloud-based portfolio and order management systems with Clearwater’s daily reconciliation, accounting, and reporting tools, delivering unparalleled efficiencies. Similarly, the March 2023 partnership with BNP Paribas’ Securities Services division integrates Clearwater’s investment accounting and reporting solutions with the bank’s custodial services, creating new business opportunities across 90 markets worldwide (Wikipedia).

Clearwater’s ecosystem is further strengthened by its high client satisfaction and industry recognition, as evidenced by awards like the Technology Provider of the Year. By leveraging these partnerships and acquisitions, Clearwater enhances its value proposition, offering clients a seamless, end-to-end investment management experience.

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

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