Boise company announces its $8.4B sale to private equity
One of the few publicly traded companies in Idaho is going private.
Clearwater Analytics agreed to be acquired by a group of private equity firms, led by Permira and Warburg Pincus, for $8.4 billion, the company said. Temasek, an investment company owned by the government of Singapore, is also part of the deal, and Francisco Partners, another investment firm, is supporting it, according to a news release.
Stockholders will receive $24.55 a share in cash after the acquisition is completed. Then, Clearwater Analytics will delist from the New York Stock Exchange.
“This deal represents a great outcome for Clearwater Analytics and our stockholders,” CEO Sandeep Sahai said in the release.
The company’s shares, sold under the ticker symbol CWAN, jumped nearly 8% in premarket trading after the deal was announced late Sunday. It closed at $24.10 a share on Tuesday.
Clearwater Analytics was previously privately held before it went public in 2021.
The Boise-based company, founded in 2004 by Doug Bates and brothers Dave and Michael Boren, makes software that helps companies manage their investment portfolios and offers it as a service. Its investment-management customers include the Public Employee Retirement System of Idaho, or PERSI.
But Clearwater Analytics is perhaps best known to Boiseans for the Clearwater Building at 777 W. Main St. downtown. The company has been based in the nine-story building, adorned with its logo, since 2016.
The company made national news in January when President Donald Trump appointed its cofounder, Michael Boren, as an undersecretary at the Department of Agriculture. Though Boren was confirmed by the Senate, the administration still hasn’t said when he’ll actually step into the role, E&E News reported Nov. 20.
Clearwater Analytics said in 2024 that it employed over 1,000 people worldwide. That was before it bought Enfusion, a similar company with an emphasis on hedge funds, a market that Clearwater Analytics had mostly lacked, for $1.5 billion earlier this year. The business has grown rapidly over the last decade — in 2012, it employed about 160 people.
Sahai, its CEO, was the highest-paid chief executive among all of Idaho’s publicly traded companies in 2023, taking in more than $32 million, the Idaho Statesman reported in January.
“Operating as a private company will empower us to invest boldly as we integrate the platforms to deliver a next-generation front-to-back solution that natively addresses alternative assets, provides industry-leading risk analytics, and delivers on agentic solutions powered by our unique and proprietary database,” Sahai said in the release.
A spokesperson for the company did not immediately respond to questions sent by email Tuesday.
This story was originally published December 23, 2025 at 3:14 PM.
