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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) reported a record quarterly revenue of $76.6 million for Q3 2022, representing a 19% increase year-over-year. Gross profit reached $53.8 million with a 74.8% non-GAAP gross margin. Despite a net loss of $3.0 million, non-GAAP net income increased by 59% to $13.8 million. The company continues to maintain strong client relationships, achieving a gross revenue retention rate of 98% over 15 consecutive quarters. Upcoming acquisition of JUMP Technology is expected to enhance product offerings and expand market presence.
Clearwater Analytics (NYSE: CWAN) will announce its third-quarter financial results for the period ending September 30, 2022, on November 2, 2022, after market close. A conference call to discuss the results will be held on the same day at 5:00 PM ET, accessible via webcast on their investor relations website. Clearwater's SaaS solution manages over $5.9 trillion in assets for diverse clients including insurers, asset managers, and governments, demonstrating its pivotal role in investment data and analytics.
Clearwater Analytics (NYSE: CWAN) announced participation in several investor conferences during Q4 2022. CEO Sandeep Sahai will engage in a fireside chat and one-on-one meetings at the Hidden Gems Conference on November 8, and at the RBC Capital Markets Conference in NYC on November 16. CFO Jim Cox will host a fireside chat at the Credit Suisse Technology Conference in Scottsdale on November 29 and meet investors at the D.A. Davidson FinTech Spotlight Conference in NYC on December 8. Webcasts of these events will be available on Clearwater's investor relations site.
Clearwater Analytics (NYSE: CWAN) has been chosen by Sydney-based Bronte Capital for its SaaS investment data management and reporting services. Founded in 2009, Bronte Capital aims to enhance its portfolio analytics through Clearwater's comprehensive platform, which offers daily aggregation, reconciliation, and reporting capabilities. This partnership is expected to streamline Bronte's investment operations, enabling a consolidated view of assets and integrating with internal systems and prime brokers. Clearwater currently manages $5.9 trillion in assets under management for over 1,100 clients globally.
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Clearwater Analytics (NYSE: CWAN) has announced its agreement to acquire JUMP Technology, expanding its capabilities in investment management. The $75 million transaction aims to create a complete front-to-back solution for investment firms across Europe, enhancing service offerings by integrating advanced technology from JUMP. With an anticipated close in Q4 2022, the acquisition will add 100 employees and JUMP's 2021 revenue of €12.1 million. CEO Sandeep Sahai highlighted this as a step towards becoming a multi-product company with immediate scale in Europe.
Clearwater Analytics (NYSE: CWAN) has appointed Lisa Jones, an asset management veteran with over 30 years of experience, to its Board of Directors. Jones, who is also CEO of Amundi US, Inc., will join the Audit Committee. Her significant background includes leading growth initiatives and improving financial results at major firms. The CEO of Clearwater, Sandeep Sahai, expressed enthusiasm about Jones' appointment, highlighting her experience in integrating complex investment businesses and her potential to strengthen the company's leadership.
On September 13, 2022, Clearwater Analytics (NYSE: CWAN) announced the winners of its inaugural Client Awards at Clearwater Connect 2022 in Boise, Idaho. The awards recognize firms and individuals who have excelled in investment accounting using Clearwater's platform. Notable winners include Chimera Investment Corporation, Markel Corporation for operational excellence, and CNA Insurance as a growth enabler. Clearwater's solutions manage over $5.9 trillion in assets, helping clients optimize investment data through automated services.
Clearwater Analytics (NYSE: CWAN) announced significant product enhancements in Q2 2022, improving user experience and regulatory compliance. The upgrades include new NAIC designation categories, enhanced solvency II reporting, and hybrid benchmarks for detailed analysis. Notable features include updated Schedule D and RBC reports for greater accuracy, a new 'Universal Close' pricing type for derivatives, and advanced cash flow analysis reports. These innovations aim to boost operational efficiency, aligning with regulatory standards and empowering clients with reliable data for decision-making.
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