Clearwater Analytics has announced its acquisition of Enfusion, a SaaS provider for investment management and hedge funds, in a cash-and-stock deal valued at $1.5 billion. Enfusion shareholders will receive $11.25 per share, split approximately equally between cash and stock, with an additional $30 million allocated to terminate Enfusion's tax receivable agreement. The purchase price represents a 13% premium over Enfusion's January 10, 2025, closing price. The acquisition aims to integrate Enfusion's front-office capabilities, including portfolio and order management, with Clearwater's middle and back-office solutions, creating a unified, cloud-native platform for investment management. Clearwater expects the deal to expand its presence in the hedge fund industry, increase its total addressable market by $1.9 billion, and unlock $20 million in annual cost savings within two and a half years. Enfusion reported preliminary 2024 revenue of approximately $201-202 million. The transaction is anticipated to close in Q2 2025, pending regulatory and shareholder approvals. Clearwater plans to finance the deal through a combination of cash on hand, an $800 million loan, and newly issued shares.