Enfusion completes merger with Clearwater Analytics

Enfusion, Inc., a prepackaged software services provider with a market capitalization of $1.39 billion, has completed a significant series of corporate transactions, including mergers and a delisting from the New York Stock Exchange (NYSE), according to a recent 8-K filing with the U.S. Securities and Exchange Commission. The Chicago-based company, which was previously listed under the ticker ENFN, ceased trading on the NYSE as of today, Monday. According to InvestingPro data, Enfusion demonstrated strong financial health with a 15.5% revenue growth over the last twelve months and maintained healthy liquidity with a current ratio of 3.42.

The sequence of events, which took place today, includes the completion of the previously announced mergers with Clearwater Analytics Holdings, Inc. As a result of these mergers, Enfusion has become an indirect subsidiary of Clearwater. The company’s Class A Common Stock, which was suspended from trading prior to today’s market opening, will no longer be listed on the NYSE. Before the delisting, InvestingPro analysis showed the company was trading near its Fair Value, with a robust financial health score rated as "GOOD" by InvestingPro’s comprehensive evaluation system.

According to the 8-K filing, the mergers were approved by the majority of Enfusion stockholders at a special meeting held on Sunday, April 17, 2025. The filing further details that all outstanding loans and obligations under a credit agreement with Bank of America, N.A. were repaid, and the credit facilities were terminated in conjunction with the merger’s closing. This aligns with the company’s historically prudent financial management, as evidenced by its moderate debt-to-equity ratio of 0.28 reported in InvestingPro’s detailed financial metrics.

The merger agreement outlined the conversion of each share of Enfusion’s common stock and vested restricted stock units into the right to receive either a mix of cash and Clearwater common stock, solely Clearwater common stock, or solely cash, subject to proration as detailed in the agreement. The final parent stock price was determined to be $23.2440, resulting in a per-share cash consideration of $10.87 for Enfusion stockholders, with proration applied due to oversubscription of the cash option.

Additionally, Enfusion’s outstanding equity-based awards under the Enfusion 2021 Stock Options and Incentive Plan were addressed, with certain options and restricted stock units being converted or cancelled in line with the merger terms.

The 8-K filing also notes that Enfusion’s board of directors as of the effective merger time has ceased their service, and the company’s certificate of incorporation and bylaws were amended and restated.

This news report is based on information contained in a press release statement.

In other recent news, Enfusion Inc has disclosed its fourth-quarter earnings for 2024, providing the latest insights into the company’s financial performance. The results were released after the market closed, coinciding with an acquisition agreement with Clearwater Analytics. This acquisition agreement, announced earlier in January 2025, values Enfusion shares at $11.25 each. Stifel analysts maintained a Hold rating on Enfusion’s stock, with a price target set at $11.25, which aligns with the acquisition price. The analyst, J. Parker Lane, reiterated this stance, indicating a neutral outlook on the stock’s investment potential. The acquisition by Clearwater Analytics represents a significant shift for Enfusion, setting a clear benchmark for the stock’s value. Stifel’s confirmation of the Hold rating suggests minimal expected deviation from this valuation in the near term. Investors are advised to consider these developments as they assess Enfusion’s current and future value.

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