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Clearwater Analytics Holdings, Inc. reports developments in cloud-native investment management technology for institutional investors across global public and private markets. The company’s platform supports portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics through a single-instance, multi-tenant architecture.
Recurring company updates include customer implementations, front-to-back workflow integrations, Enfusion by CWAN deployments, institutional research on private-market operations, and platform capabilities for insurers, asset managers, hedge funds, banks, corporations, and governments. Clearwater also reports operating and financial results, material agreements, capital-structure matters, shareholder voting items, and governance developments.
Clearwater Analytics (NYSE: CWAN) has released its 2024 Insurance Investment Outsourcing Report (IIOR). This eleventh annual report, often referred to as the 'Yellow Pages' for insurance-focused asset managers, includes profiles of 70 asset managers and 12 investment consultants, the latter being new additions. This year’s report highlights several key trends, including a continued growth in outsourcing with $3.6 trillion in insurance assets under management (AUM) and $900 million in consultant assets. Notably, private asset classes have grown 40% over the last two years to $602 billion, while public asset classes have remained flat. The report also reveals that public fixed income still dominates with 70% of AUM.
The report indicates that more managers are entering the insurance asset management business, with 22 new managers joining in the last three reports. Investment consultants are increasingly prominent, helping insurers diversify into private asset classes. This growing complexity and sophistication in insurer investment programs is a testament to the evolving industry landscape.
Clearwater Analytics (NYSE: CWAN) has been selected by Erste Asset Management (Erste AM) to support its business growth and enhance client services. Erste AM, part of Erste Group Bank AG, manages €81.4 billion in assets and chose Clearwater's PRISM platform after a thorough selection process. The cloud-native PRISM platform will enable Erste AM to offer customized client reporting, quick access to data, and self-service analytics. This partnership aims to streamline Erste AM’s operations, modernize its reporting capabilities, and enhance service delivery.
Galileo has launched Galileo Protect®, a real-time GenAI firewall solution that safeguards enterprise generative AI by proactively intercepting malicious inputs and harmful responses. This solution aims to enhance AI safety without impacting performance, user experience, or incurring significant costs.
Clearwater Analytics announced record quarterly revenue of $102.7 million, up 21% year-over-year, with adjusted EBITDA of $32.2 million, up 43% year-over-year. The company reported a gross revenue retention rate of 99% and a net revenue retention rate of 110%. Annualized recurring revenue reached $402.3 million, up 19% year-over-year. Adjusted gross margin increased to 78%, up 210 basis points year-over-year.
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