Clearwater Analytics (CWAN) The 1st Annual D.A. Davidson Technology & Consumer Conference summary

Business model and technology differentiation

• Platform uniquely accounts for individual securities, not portfolios, enabling efficient data management and reconciliation for all clients.

• Cloud-based architecture with over 4,000 data connections supports global asset coverage and real-time tri-party reconciliation.

• High automation reduces manual back-office work, delivering daily, accurate reporting and high gross retention rates (98%).

• Expansion from accounting to compliance and exposure management driven by client demand for broader solutions.

Market verticals and client base evolution

• Initial focus on corporates shifted to insurance companies, now representing 52% of assets on the platform.

• Asset managers adopted the platform due to client demand for improved reporting, expanding the client base.

• State/local governments, foundations, and endowments are emerging as new client segments.

Strategic acquisitions and product expansion

• Over $2 billion invested in acquiring Enfusion and two other firms to expand from post-trade to front-to-back office solutions.

• Enfusion adds intraday portfolio, order, and execution management, broadening reach to hedge funds and asset managers.

• Acquisitions of Beacon and Bistro enhance capabilities in private asset risk evaluation and decision support.

• Combined platform now serves both asset owners and managers across all asset classes and geographies.