Clearwater Analytics, an investment management software-as-a-service company, has entered into a definitive agreement to acquire risk and performance analytics solutions from global financial services firm Wilshire Advisors for $40 million.
Clearwater will acquire Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus and Wilshire iQComposite, which provide fixed income analytics; equity analytics and performance measurement; accounting; and Global Investment Performance Standards compliance support analytics, respectively.
"The strategic acquisition of Wilshire's AxiomSM, AtlasSM, Abacus, and iQComposite products marks a significant milestone for Clearwater, positioning us to supercharge our clients' risk and performance capabilities … ," Clearwater Analytics CEO Sandeep Sahai said in statement.
Clearwater expects to add roughly $7 million in annualized revenue through the deal, which the companies expect will close in the second quarter of 2024, subject to customary closing conditions. Its data is now used to analyze some $7.3 trillion in assets.
