Boise firm evidently lays off workers after completing $1.5 billion acquisition
A Boise company appears to have laid off workers immediately after spending $1.5 billion to buy a similar company.
Clearwater Analytics declined to say directly that it had let some workers go or to say how many or where. Asked Wednesday to confirm social-media accounts of layoffs, spokesperson Claudia Cahill replied by email: “Clearwater’s commitment to the Boise community remains steadfast. We are actively involved in supporting our local talent and fostering technology innovation. In fact, our Boise workforce continued to grow over the past year.
“As with other high-performing organizations, we review performance annually and act on individuals for whom we are not a good fit. Separately and following our recent acquisition, Clearwater has made limited organizational changes to position the company for sustainable long-term growth.”
At least one poster in Reddit’s r/Boise channel who claimed to be a Clearwater employee said layoffs had occurred Tuesday, and others said they had been told about the layoffs by other Clearwater employees.
Clearwater employs 1,000+ people
Clearwater makes software that helps companies manage their investment portfolios and offers it as a service. The business has grown rapidly: Clearwater has said that it employed more than 1,000 people worldwide in 2024, up from about 160 in 2012.
It has been based since 2016 in the Clearwater Building at 777 W. Main St. downtown, and the building may be how Clearwater is best known to most Boiseans. Clearwater made national news in January when President Donald Trump appointed cofounder Michael Boren as an undersecretary at the Department of Agriculture.
On Monday, the day before the reported layoffs, Clearwater announced that it had completed its $1.5 billion purchase of Enfusion, which like Clearwater serves investment managers, but with an emphasis on hedge funds, a market that Clearwater had mostly lacked. Clearwater said in part that the purchase would “eliminate costly data handoffs and inefficiencies stemming from fragmented workflows.”
The company had hinted at the possibility of job cuts in January, when it announced its purchase of Enfusion. It said then in part, “Clearwater expects considerable efficiencies in general and administrative expenses, yielding about $20 million in cost savings, which we believe will be delivered over the first two and a half years after close.”
Enfusion is a similarly sized company, with more than 1,100 employees as of Dec. 31, according to Stockanalysis.com.
How Clearwater says synergies will help
One key difference helped prompt Clearwater to buy it: Enfusion focuses on what Clearwater calls front-office services to investment managers, such as presentations of investment portfolios, while Clearwater focuses on middle- and back-office services, such as data ingestion, aggregation and accounting. Clearwater CEO Sandeep Sahai said the synergies that arise from integrating the two will help Clearwater grow.
Clearwater was founded in 2004 by Doug Bates and brothers Dave and Michael Boren. Its investment-management customers include the Public Employee Retirement System of Idaho, or PERSI.
Both companies’ stocks traded on the New York Stock Exchange before the sale took effect. Clearwater was privately held until it went public in 2021 at a stock price higher than the company had hoped to achieve. Clearwater’s stock closed Wednesday at $22.30, roughly in the middle of its 52-week range of $15.62 to $35.71.
Sahai was the highest-paid CEO among all of Idaho’s publicly traded companies in 2023, taking in more than $32 million, the Statesman reported in January.
Clearwater still had Boise jobs posted as of Wednesday. The company also has workers in India and Scotland.
This story was originally published April 23, 2025 at 6:50 PM.
