Form 4: Welsh, Carson, Anderson & Stowe Affiliates Adjust Holdings in Clearwater Analytics

Welsh, Carson, Anderson & Stowe (WCAS) and related entities report transactions involving Clearwater Analytics Holdings, Inc. stock, including sales, acquisitions, and distributions of Class A, C, and D common stock.

Summary

• WCAS XII Carbon Analytics Acquisition, L.P. and related entities filed a Form 4 detailing changes in their beneficial ownership of Clearwater Analytics Holdings, Inc. (CWAN) stock on March 11, 2024.
• The transactions include the disposition of 5,259,868 shares of Class C Common Stock, 10,990,132 shares of Class D Common Stock, and 16,250,000 shares of Class A Common Stock at a price of $16.90 per share.
• WCAS also acquired 16,250,000 shares of Class A Common Stock.
• Distributions of shares were made to WCAS XII Associates LLC and WCAS XII Associates Cayman, L.P.
• Following these transactions, WCAS entities continue to hold significant amounts of Class C and Class D Common Stock indirectly.
• The filing involves multiple entities affiliated with Welsh, Carson, Anderson & Stowe, including WCAS XII Carbon Analytics Acquisition, L.P., WCAS XIII Carbon Analytics Acquisition, L.P., WCAS GP CW LLC, WCAS XII Carbon Investors, L.P., WCAS XIII Carbon Investors, L.P., and others.
• The general partners and managing members of these entities disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a regulatory filing detailing stock transactions, so the sentiment is neutral. It simply reports facts without expressing any opinion or prediction about the company's future.

Future Outlook

The document does not contain specific forward-looking statements regarding Clearwater Analytics' future performance, but it does outline the conditions under which Class C and Class D Common Stock will convert to Class A and Class B Common Stock, respectively.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or major shareholders of a publicly traded company buy or sell shares, providing transparency to the market.

Stakeholder Impact

• The transactions may influence the market perception of Clearwater Analytics, potentially affecting shareholder value.
• The reduction in WCAS's direct holdings could signal a shift in their investment strategy, which might be interpreted by the market.

Key Dates