Clearwater Analytics Shares Soar Following $8.4 Billion Acquisition to Go Private
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 21 2025
0mins
Should l Buy CWAN?
Source: Barron's
- Take-Private Deal: Clearwater Analytics has entered into an agreement for an $8.4 billion take-private deal.
- Investor Group: The deal is led by an investor group that includes Permira and Warburg Pincus.
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Analyst Views on CWAN
Wall Street analysts forecast CWAN stock price to rise
10 Analyst Rating
5 Buy
5 Hold
0 Sell
Moderate Buy
Current: 23.350
Low
24.55
Averages
27.83
High
36.00
Current: 23.350
Low
24.55
Averages
27.83
High
36.00
About CWAN
Clearwater Analytics Holdings, Inc. is a provider of comprehensive cloud-native platforms for institutional investors across global public and private markets. The Company’s single-instance, multi-tenant architecture delivers real-time data and artificial intelligence (AI)-driven insights throughout the investment lifecycle. The platform eliminates information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system. The Company serves insurers, asset managers, hedge funds, banks, corporations, and governments. The Company is also a provider of enterprise risk analytics and developer infrastructure. Its capabilities in complex portfolio management across both public and private markets include structured products, private credit, and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Fort Baker Capital Acquires Clearwater Analytics Shares Worth $36.89 Million
- Share Acquisition: Fort Baker Capital Management disclosed acquiring 1,529,288 shares of Clearwater Analytics worth $36.89 million in Q4 2026, indicating confidence in the company despite a 12% decline in its stock price over the past year.
- Portfolio Overview: Clearwater Analytics represents 5.2% of Fort Baker's total assets, highlighting its significance in the investment portfolio alongside other major holdings like FYBR and CYBR.
- Financial Performance: Clearwater's quarterly revenue reached $217 million, with annual recurring revenue at $841 million, reflecting year-over-year growth of 72% and 77%, respectively, indicating a return to high-growth form despite challenges from acquisitions and substantial debt.
- Market Outlook: While Clearwater's stock price is capped by an impending take-private deal, its competitive edge in data and subscription services keeps it attractive in the tech landscape, suggesting Fort Baker's acquisition reflects optimism about its future growth potential.
See More
Fort Baker Capital Management Increases Stake in Clearwater Analytics
- Increased Stake: Fort Baker Capital Management acquired 1,529,288 shares of Clearwater Analytics in Q4 2026, valued at $36.89 million, representing 5% of the fund's AUM and placing it among the top five holdings.
- Financial Performance: Clearwater Analytics reported quarterly revenue of approximately $217 million, reflecting a 72% year-over-year growth, with annual recurring revenue reaching $841 million, up 77%, indicating a robust return to high-growth form.
- Improving Profitability: The company's adjusted EBITDA is rising, with margins around 30%, showcasing Clearwater's ability to enhance profitability while expanding its business, thereby strengthening its competitive position in the market.
- Market Challenges: Despite Clearwater's growth, it faces challenges in integrating acquisitions and adding AI features, while the pending take-private deal at $24.55 per share may cap market expectations, necessitating careful evaluation by investors.
See More
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- Asset Value Increase: Following the acquisition, the quarter-end position value rose by $651.74 million, reflecting positive trading activity and price movements, which further solidifies FTV's investment portfolio.
- Business Model Advantage: Operating as a data-driven managing general agent, Neptune Insurance focuses on technology-driven insurance solutions for flood and earthquake risks, utilizing advanced machine learning and AI to enhance underwriting and policy management efficiency, showcasing its competitive edge in specialty markets.
- Market Expansion Potential: Although Neptune does not assume claims risk, its growth relies on expanding policy volume and distribution networks, making the maintenance of relationships with underwriting partners crucial for long-term revenue stability.
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- New Investment Dynamics: FTV Management Company disclosed in an SEC filing dated February 17, 2026, that it initiated a new position in Neptune Insurance Holdings by acquiring 22,350,631 shares, marking a significant investment that increased the quarter-end position value by $651.74 million, reflecting market confidence in Neptune.
- Asset Allocation Shift: Following this transaction, Neptune Insurance Holdings represented 99.46% of FTV's 13F reportable assets, underscoring its critical role in the investment portfolio and enhancing the company's market position in the insurance sector.
- Company Overview: Neptune Insurance focuses on technology-driven insurance solutions for flood and earthquake risks, leveraging advanced machine learning and AI for underwriting and policy management, showcasing its innovative capabilities and competitive edge in the insurance market.
- Investor Considerations: As a managing general agent, Neptune generates revenue by partnering with insurers and reinsurers, and investors should monitor its ability to expand policy volume in flood and earthquake insurance while maintaining strong relationships with underwriting partners to ensure sustainable revenue growth.
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Fort Baker Exits Entire Stake in TEGNA
- Stake Sale Details: On February 17, 2026, Fort Baker Capital Management LP disclosed in an SEC filing that it sold its entire stake in TEGNA, reducing its holdings by 1,678,588 shares, with an estimated transaction value of $34.30 million, indicating a loss of confidence in the stock.
- Change in Holdings: This transaction completely removed TEGNA from Fort Baker's reportable assets, which previously represented 1.7% of its assets under management, reflecting a strategic shift away from the media stock.
- Market Performance Analysis: As of February 13, 2026, TEGNA shares were priced at $20.95, up 18.6% over the past year, yet the stock has not shown significant net gains over the last five years, indicating a weakening competitive position.
- Industry Trend Impact: The sale by Fort Baker may reflect concerns over TEGNA's future profitability as consumers increasingly abandon traditional TV for streaming services, despite the company still being profitable and paying dividends.
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- Share Sale Details: Fort Baker Capital Management LP disclosed on February 17, 2026, that it sold 1,678,588 shares of TEGNA, with an estimated transaction value of $34.3 million, indicating a significant loss of confidence in the stock.
- Asset Management Shift: The sale resulted in a $34.3 million decline in the fund's quarter-end position value, reflecting a 3.7% decrease in reportable assets under management due to both price movements and the share sale.
- Market Environment Impact: TEGNA has not made significant net gains over the past five years, particularly suffering in 2025 as revenue from political advertising disappeared, highlighting the vulnerability of its business model in a changing media landscape.
- Investor Caution: Although TEGNA remains profitable and pays dividends, the trend of consumers shifting to streaming services may have prompted Fort Baker's sale, suggesting that investors should exercise caution when considering TEGNA stock purchases.
See More
Fort Baker Capital Acquires Clearwater Analytics Shares Worth $36.89 Million
- Share Acquisition: Fort Baker Capital Management disclosed acquiring 1,529,288 shares of Clearwater Analytics worth $36.89 million in Q4 2026, indicating confidence in the company despite a 12% decline in its stock price over the past year.
- Portfolio Overview: Clearwater Analytics represents 5.2% of Fort Baker's total assets, highlighting its significance in the investment portfolio alongside other major holdings like FYBR and CYBR.
- Financial Performance: Clearwater's quarterly revenue reached $217 million, with annual recurring revenue at $841 million, reflecting year-over-year growth of 72% and 77%, respectively, indicating a return to high-growth form despite challenges from acquisitions and substantial debt.
- Market Outlook: While Clearwater's stock price is capped by an impending take-private deal, its competitive edge in data and subscription services keeps it attractive in the tech landscape, suggesting Fort Baker's acquisition reflects optimism about its future growth potential.
See More
Fort Baker Capital Management Increases Stake in Clearwater Analytics
- Increased Stake: Fort Baker Capital Management acquired 1,529,288 shares of Clearwater Analytics in Q4 2026, valued at $36.89 million, representing 5% of the fund's AUM and placing it among the top five holdings.
- Financial Performance: Clearwater Analytics reported quarterly revenue of approximately $217 million, reflecting a 72% year-over-year growth, with annual recurring revenue reaching $841 million, up 77%, indicating a robust return to high-growth form.
- Improving Profitability: The company's adjusted EBITDA is rising, with margins around 30%, showcasing Clearwater's ability to enhance profitability while expanding its business, thereby strengthening its competitive position in the market.
- Market Challenges: Despite Clearwater's growth, it faces challenges in integrating acquisitions and adding AI features, while the pending take-private deal at $24.55 per share may cap market expectations, necessitating careful evaluation by investors.
See More
FTV Management Acquires Stake in Neptune Insurance Holdings
- New Investment Position: FTV Management Company acquired 22,350,631 shares of Neptune Insurance Holdings on February 17, 2026, establishing a new position that now represents 99.46% of its reportable assets, indicating strong confidence in the company.
- Asset Value Increase: Following the acquisition, the quarter-end position value rose by $651.74 million, reflecting positive trading activity and price movements, which further solidifies FTV's investment portfolio.
- Business Model Advantage: Operating as a data-driven managing general agent, Neptune Insurance focuses on technology-driven insurance solutions for flood and earthquake risks, utilizing advanced machine learning and AI to enhance underwriting and policy management efficiency, showcasing its competitive edge in specialty markets.
- Market Expansion Potential: Although Neptune does not assume claims risk, its growth relies on expanding policy volume and distribution networks, making the maintenance of relationships with underwriting partners crucial for long-term revenue stability.
See More
FTV Management Acquires Stake in Neptune Insurance Holdings
- New Investment Dynamics: FTV Management Company disclosed in an SEC filing dated February 17, 2026, that it initiated a new position in Neptune Insurance Holdings by acquiring 22,350,631 shares, marking a significant investment that increased the quarter-end position value by $651.74 million, reflecting market confidence in Neptune.
- Asset Allocation Shift: Following this transaction, Neptune Insurance Holdings represented 99.46% of FTV's 13F reportable assets, underscoring its critical role in the investment portfolio and enhancing the company's market position in the insurance sector.
- Company Overview: Neptune Insurance focuses on technology-driven insurance solutions for flood and earthquake risks, leveraging advanced machine learning and AI for underwriting and policy management, showcasing its innovative capabilities and competitive edge in the insurance market.
- Investor Considerations: As a managing general agent, Neptune generates revenue by partnering with insurers and reinsurers, and investors should monitor its ability to expand policy volume in flood and earthquake insurance while maintaining strong relationships with underwriting partners to ensure sustainable revenue growth.
See More
Fort Baker Exits Entire Stake in TEGNA
- Stake Sale Details: On February 17, 2026, Fort Baker Capital Management LP disclosed in an SEC filing that it sold its entire stake in TEGNA, reducing its holdings by 1,678,588 shares, with an estimated transaction value of $34.30 million, indicating a loss of confidence in the stock.
- Change in Holdings: This transaction completely removed TEGNA from Fort Baker's reportable assets, which previously represented 1.7% of its assets under management, reflecting a strategic shift away from the media stock.
- Market Performance Analysis: As of February 13, 2026, TEGNA shares were priced at $20.95, up 18.6% over the past year, yet the stock has not shown significant net gains over the last five years, indicating a weakening competitive position.
- Industry Trend Impact: The sale by Fort Baker may reflect concerns over TEGNA's future profitability as consumers increasingly abandon traditional TV for streaming services, despite the company still being profitable and paying dividends.
See More
Fort Baker Capital Sells Entire Stake in TEGNA for $34.3 Million
- Share Sale Details: Fort Baker Capital Management LP disclosed on February 17, 2026, that it sold 1,678,588 shares of TEGNA, with an estimated transaction value of $34.3 million, indicating a significant loss of confidence in the stock.
- Asset Management Shift: The sale resulted in a $34.3 million decline in the fund's quarter-end position value, reflecting a 3.7% decrease in reportable assets under management due to both price movements and the share sale.
- Market Environment Impact: TEGNA has not made significant net gains over the past five years, particularly suffering in 2025 as revenue from political advertising disappeared, highlighting the vulnerability of its business model in a changing media landscape.
- Investor Caution: Although TEGNA remains profitable and pays dividends, the trend of consumers shifting to streaming services may have prompted Fort Baker's sale, suggesting that investors should exercise caution when considering TEGNA stock purchases.
See More
