Clearwater Analytics Accepts Growth Equity Investment from Summit Partners

Boise, ID and Palo Alto, CA - 1 March 2011

Clearwater Analytics®, a SaaS company providing web-based investment portfolio reporting and analytics, today announced that it has entered into a minority growth equity investment partnership with Summit Partners. Clearwater Analytics has built the industry’s leading daily accounting, compliance, performance and risk solution for institutional investors, asset managers and custody banks. In connection with the investment, Summit Partners’ Greg Goldfarb has joined the Clearwater Analytics Board of Directors, while Summit’s Harrison Miller will serve in a board advisory capacity.

Launched in 2004, Clearwater Analytics reports on more than $600 billion in assets for over 2,500 institutional investors worldwide. Clearwater’s platform aggregates and reconciles investment portfolio information at the tax lot level and generates unprecedented transparency in the form of daily reporting and analytics. Clearwater’s customer base includes market leaders such as Cisco Systems, Oracle Corporation, Starbucks Corporation and Yahoo!

“The partnership with Summit Partners was driven by Clearwater’s commitment to rapid, profitable growth sustained by best practices,” said Courtlandt Gates, Chief Executive Officer of Clearwater Analytics. “Summit’s impressive track record in assisting SaaS companies – particularly those located in the Mountain West – and the deep domain knowledge brought by Harrison and Greg to our board made Summit a compelling partner.”

“At Summit Partners, we’ve been making growth equity investments in technology companies for more than 25 years,” said Harrison Miller, a Managing Director at Summit Partners. “Clearwater’s commitment to continuous product innovation and customer satisfaction gives us great confidence that it can extend its market leadership for many years into the future.”

“Even though Clearwater did not need an investment, there was such a strong alignment of culture, experience and objectives that its team concluded we could help them advance their long-term growth objectives,” added Greg Goldfarb, a Principal at Summit Partners.
“From Summit’s prior experiences working with entrepreneurs in the Mountain West, we know there can be substantial advantages for companies such as Clearwater that build their businesses outside of the more traditional tech corridors. A successful and innovative SaaS company headquartered in a region with reasonable cost-of-living and great quality-of-life can offer its employees a unique value proposition.”

With more than 120 employees, Clearwater Analytics has built one of the largest privately held SaaS companies in the Mountain West region. The company has developed a multi-tenant, scalable software and data platform that analyzes hundreds of thousands of different securities, performs complex mathematical calculations and delivers daily reporting and analytics to both very large and mid-sized companies with investment assets ranging from $50 million to $50 billion.

“In the aftermath of the financial crisis, it is clearer than ever that institutional investors must understand their investment portfolios in order to accurately account for the securities they own,” explained Gates. “Clearwater transforms investment reporting and analytics into an automated, scalable solution eliminating manual processes and increasing accuracy; and Clearwater’s integrated accounting, compliance, performance and risk platform provides the audit-quality data needed by Chief Financial Officers, Treasurers, and Chief Investment Officers to make informed decisions.”

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