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Clearwater Analytics

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Overview

Clearwater Analytics is a leading software-as-a-service (SaaS) fintech company specializing in automated investment accounting, performance, compliance, and risk reporting. Founded in 2004 by David Boren, Michael Boren, and Douglas Bates, the company has grown to become a global leader in its field. Headquartered in Boise, Idaho, Clearwater Analytics has expanded its presence with offices in London, Edinburgh, New York City, and Noida, India. The company also maintains a presence in Singapore and Luxembourg. Clearwater Analytics offers a comprehensive web-based investment accounting and reporting solution that includes:

  • Automated portfolio book-of-record accounting
  • Daily investment policy compliance monitoring
  • Performance tracking
  • Risk analytics
  • Buy-side tools for institutional investors
  • Middle- and back-office solutions The company serves a diverse clientele, reporting on over $7.3 trillion in investment assets for insurance companies, asset managers, corporate treasuries, governments, pension plans, and nonprofit organizations. Notable clients include Mutual of Omaha, Arch Capital Group, J.P. Morgan Asset Management, Facebook, Cisco, and Oracle. Led by CEO Sandeep Sahai, Clearwater Analytics boasts a strong executive team that drives the company's growth and innovation. The company has received numerous awards for its technology and services, including recognitions from Idaho Innovation Awards, Captive Review, and Insurance Asset Management Awards. In 2016, Clearwater Analytics demonstrated its commitment to growth by completing the construction of a nine-story building in downtown Boise, known as the Clearwater building. This facility is part of the City Center Plaza, which includes a public transportation hub and educational facilities. Clearwater Analytics continues to be recognized globally for its industry-leading SaaS solution, providing timely, validated investment data and analytics to institutional investors worldwide.

Leadership Team

Clearwater Analytics' leadership team comprises experienced professionals driving the company's growth and innovation in SaaS-based investment management solutions:

  • Sandeep Sahai (CEO): Leading the company since July 2018, Sahai has overseen significant organic growth, geographical expansion, and market diversification. His experience includes executive roles at Headstrong, TechSpan, and the HCL group.
  • Shane Akeroyd (Chief Strategy Officer): Appointed in January 2024, Akeroyd focuses on long-term strategic growth, including product expansion and M&A initiatives. He brings extensive experience from IHS Markit, RBC Capital Markets, and other financial institutions.
  • James Cox (CFO): With nearly 6 years at Clearwater, Cox manages the company's financial strategy and operations.
  • Souvik Das (Chief Product & Technology Officer): Overseeing product and technology development for over 3 years, Das plays a crucial role in Clearwater's innovation.
  • Scott Erickson (Chief Revenue Officer): Driving revenue growth for almost 2 years, Erickson is key to Clearwater's market expansion.
  • Ann-Sophie Skjoldager Bom (Sales Director for Strategic Asset Management Clients): Appointed in January 2024, she leads relationships with strategic clients, bringing experience from SimCorp and expertise in go-to-market strategies.
  • Fleur Sohtz (Chief Marketing Officer): Joining in August 2024, Sohtz brings 25 years of marketing experience in scaling high-growth companies, with a background including roles at Collibra and Thomson Reuters. EMEA Leadership Team:
  • Amina Troger (Head of Global Delivery for EMEA): With two decades of fintech experience, Troger strengthens Clearwater's European operations.
  • Adrien de La Grange (Head of Sales for France, Belgium, and Luxembourg): Formerly with BlackRock, de La Grange expands Clearwater's presence in key European markets.
  • Jose Salas (Head of Partnerships and Alliances for EMEA): Salas brings diverse experience from roles at SESAMm, Wolters Kluwer, and Bloomberg. This leadership team reflects Clearwater Analytics' commitment to global expansion, product innovation, and exceptional client service in the investment management technology sector.

History

Clearwater Analytics' history is a testament to innovation and growth in the fintech industry:

  1. Founding (2004): David Boren, Michael Boren, and Douglas Bates established Clearwater Analytics, building on their experience from Clearwater Advisors, an institutional fixed-income investment advisor founded in 2001.
  2. Early Development: The founders leveraged their extensive backgrounds in finance and investment management. David Boren had a career at Goldman Sachs, Michael Boren founded Sawtooth Investment Management, and Douglas Bates worked in institutional fixed income at Goldman Sachs.
  3. Launch of SaaS Platform: In 2004, Clearwater Analytics introduced its software-as-a-service (SaaS) solution for investment accounting, performance, compliance, and risk reporting. This platform revolutionized portfolio management for institutional investors.
  4. Growth and Expansion: The company expanded globally, establishing offices in London, Edinburgh, New York City, and Noida, India. In 2016, Clearwater moved into a new nine-story building in Boise, Idaho, marking a significant milestone in its growth.
  5. Client Base and Asset Growth: Clearwater Analytics now reports on over $7.3 trillion in investment assets, serving a diverse global clientele including major corporations, insurance companies, and asset managers.
  6. Industry Recognition: The company has received numerous awards, including Innovative Company of the Year (Idaho Innovation Awards, 2012) and Technology Firm of the Year (Insurance Asset Management Awards, 2019).
  7. Recent Developments: In January 2025, Clearwater Analytics announced plans to acquire Enfusion for approximately $1.5 billion, aiming to create a unified, cloud-native front-to-back platform for the investment management industry. Throughout its history, Clearwater Analytics has consistently innovated and expanded its services, establishing itself as a leader in investment management technology and solidifying its position in the global fintech landscape.

Products & Solutions

Clearwater Analytics offers a comprehensive suite of solutions tailored for institutional investors, including insurance companies, asset managers, corporate treasuries, governments, and other financial institutions. Their key offerings include:

  1. Investment Accounting and Reporting: A web-based solution that automates portfolio book-of-record accounting, daily investment policy compliance monitoring, performance tracking, and risk analytics.
  2. Automated Portfolio Management: Ensures accurate and timely financial reporting through automated portfolio book-of-record accounting.
  3. Risk and Performance Analytics: Following the acquisition from Wilshire Advisors, Clearwater now integrates tools like Wilshire Axiom, Atlas, Abacus, and iQComposite. These enable performance attribution, risk decomposition, portfolio construction, back-testing, and what-if analysis.
  4. Data Aggregation and Reconciliation: Manages over $7.3 trillion in assets across various accounts, asset classes, currencies, and regulatory bodies, serving as a 'golden copy' source.
  5. Compliance and Regulatory Reporting: Ensures adherence to various regulatory requirements by providing accurate and timely investment data.
  6. AI-Enabled Solutions: Integrates generative AI, such as the Clearwater Intelligent Console (CWIC), providing knowledge, application, and data awareness for fast and accurate customer query responses.
  7. Integration with Legacy Systems: Uses advanced data integration tools to bridge the gap between legacy systems and new applications, ensuring smooth data flow.
  8. Real-Time Data Processing: Maintains accuracy and reliability of financial reports and critical data, enabling swift decision-making. These solutions help clients reduce risks, minimize hidden costs, and improve adaptability through automation and accuracy. By eliminating related IT infrastructure costs and freeing employee bandwidth from manual processes, Clearwater enables clients to focus on more strategic objectives.

Core Technology

Clearwater Analytics' core technology is built around several key components and innovative approaches in investment data management, reporting, and artificial intelligence (AI) integration. Investment Data Management and Reporting:

  1. Clearwater Prism: Captures, organizes, and utilizes investment data efficiently across multiple platforms, integrating data from front-, middle-, and back-office systems.
  2. Automated Investment Data Aggregation and Reconciliation: Manages over $7.3 trillion in assets across various accounts, asset classes, currencies, and regulatory requirements. AI and Generative AI Integration:
  3. Generative AI Architecture: Utilizes the LangChain framework, Retrieval Augmented Generation (RAG), and customized large language models (LLMs) hosted on Amazon SageMaker.
  4. Clearwater Intelligent Console (CWIC): A customer-facing AI application providing knowledge, application, and data awareness for complex queries.
  5. Crystal and CWIC Specialists: Advanced AI assistants for internal teams and domain-specific tasks, respectively. Amazon SageMaker Integration:
  6. Advanced Foundation Models and Fine-Tuned Models: Uses pre-trained models like Anthropic's Claude or Meta's Llama for complex tasks and fine-tunes models for domain-specific applications.
  7. Domain Adaptation: Employs Amazon SageMaker JumpStart to train smaller, faster models tailored to specific domains. Clearwater's technology is underpinned by core values emphasizing innovation, integrity, collaboration, and client focus, guiding the continuous improvement of their products and services to meet the evolving needs of the investment industry.

Industry Peers

Clearwater Analytics operates within the software and financial technology sector, providing SaaS-based investment management, accounting, reporting, and analytics solutions. Here are some of its key industry peers and competitors: Direct Competitors:

  1. Canoe Intelligence: Specializes in alternative investment technology, automating document and data workflows for the financial sector.
  2. Dynamo Software: Offers a comprehensive investment management platform for fund managers, institutional investors, and service providers in private equity, venture capital, and real estate.
  3. Backstop Solutions Group: Develops investment management software and financial CRM technology for investment consultants, pensions, and hedge funds.
  4. Addepar: Focuses on investment management software, aggregating portfolio, market, and client data for wealth managers, family offices, and private banks. Industry Peers:
  5. Temenos AG: Known for banking software and financial technology solutions in the application software industry.
  6. Zeta Global Holdings Corp.: Operates in the application software sector, specializing in data-driven marketing technology.
  7. PowerSchool Holdings, Inc.: Primarily focused on education technology but often compared within the broader application software industry.
  8. BILL Holdings, Inc.: Provides cloud-based software for financial operations, serving small and medium-sized businesses.
  9. ACI Worldwide, Inc.: Specializes in electronic payment and banking systems within the application software sector. While these companies may not all focus exclusively on investment management, they share similarities with Clearwater Analytics in their involvement in financial technology and software solutions, catering to various aspects of the financial services industry.

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