Clearwater Analytics sells cloud-based investment management software to institutional investors, including insurance companies, asset managers, hedge funds, and corporate treasuries. The core product is investment accounting software that replaces the legacy patchwork of on-premises systems — one for accounting, one for trading, one for compliance — with a single cloud-native platform. Clearwater aggregates data from thousands of custodians, brokers, and market data sources, reconciles it automatically, and gives clients a unified real-time view of their portfolios. As of year-end 2025, Clearwater had over 2,500 clients across 50+ countries, with over $10 trillion in assets on its platform. In April 2025, Clearwater acquired Enfusion (front-office portfolio and order management) and Beacon (risk analytics), expanding from a middle-and-back-office platform to a front-to-back solution. Clearwater also acquired Bistro, a private asset visualization platform, from Blackstone. Revenue is almost entirely recurring subscription, priced on a "Base+" structure: clients pay a base fee plus an incremental fee tied to AUM growth, which limits downside while retaining upside. Clearwater has maintained 98%+ gross revenue retention in 27 of the last 28 quarters, and net revenue retention was 108-110% as of Q3 2025. Growth is driven by new client adds, cross-selling additional modules to existing clients, international expansion, and integrating the recently acquired front-office and risk capabilities into a unified platform.