Welsh Carson-backed Clearwater Analytics files for U.S. IPO

(Reuters) -Clearwater Analytics, an investment management software company backed by buyout firm Welsh Carson, filed paperwork with U.S. regulators for an initial public offering (IPO) on Monday.

The Boise, Idaho-based company did not reveal the terms of its offering in its filing here, which showed a 24% year-over-year growth in revenue for the six months ended June 30.

Clearwater makes software that helps financial and other companies manage their investment portfolios.

Welsh Carson was exploring the sale of Clearwater for around $2 billion in August last year, Reuters had reported here, citing people familiar with the matter.

Options that were being considered, beyond a sale, included an initial public offering or recapitalization to support the company’s ongoing expansion in Europe and Asia.

Private equity firms Permira and Warburg Pincus have also invested in Clearwater, which has offices in the United States, United Kingdom, Singapore and India.

The company aggregates and reports on more than $5.6 trillion assets globally for over 1,000 clients, its filing showed. Its clients include Cisco Systems Inc, Facebook Inc, Oracle Corp and Sompo Holdings Inc, according to its website.

Bloomberg was the first to report here that the company was targeting a valuation of more than $4 billion in its IPO.

Clearwater plans to list on the New York Stock Exchange under the ticker symbol “CWAN”.

Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bookrunners for the IPO.

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