Clearwater Acquires CynergisTek in a $17.7 Million Take-Private Transaction

Permira and Warburg Pincus Investor Group to Take Clearwater Analytics Private in $8.4 Billion Deal

December 21, 2025

Software

Clearwater Analytics has entered into a definitive agreement to be acquired in an all-cash transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, with participation from Temasek and support from Francisco Partners. Under the terms, Clearwater Analytics stockholders will receive $24.55 per share in cash at closing, and the company is expected to become privately held.

Sunstone Partners Acquires Majority Stake in Clearwater

September 30, 2025

Cybersecurity

Sunstone Partners, a growth-oriented private equity firm, has acquired majority ownership of Clearwater from Altaris, LLC and other existing shareholders. The investment will support Clearwater’s expansion of managed security, consulting, and software capabilities across the healthcare ecosystem and the defense industrial base (via its Redspin division).

CynergisTek, Inc. Acquires Backbone Consultants

November 1, 2019

Cybersecurity

CynergisTek, Inc. acquired Backbone Enterprises, Inc. (d/b/a Backbone Consultants) to expand its cybersecurity, IT audit, and data privacy capabilities. The transaction (announced November 1, 2019) included initial consideration of approximately $7.0 million ($5.5M cash, $1.5M stock) plus up to $4.0 million in earn-outs and brings Backbone’s ~ $3.6M trailing-12-month revenue and a small team of security, privacy, and IT audit professionals into CynergisTek’s managed services portfolio.

Clearwater (Altaris) Acquires TECH LOCK from RevSpring

July 27, 2022

Cybersecurity

Clearwater, an operating company of Altaris Capital Partners, has completed the acquisition of TECH LOCK in a carve-out from RevSpring. The acquisition adds TECH LOCK's 24/7 managed detection and response (MDR) capabilities and compliance services (HITRUST, PCI, CMMC, HIPAA) to Clearwater's healthcare-focused cybersecurity and compliance offering.

Clearwater Analytics Acquires Enfusion for About $1.5 Billion

April 21, 2025

Cloud & SaaS

Clearwater Analytics entered into a definitive merger agreement to acquire Enfusion, a SaaS provider for investment management and hedge funds, in a deal valued at approximately $1.5 billion. Clearwater will integrate Enfusion’s front-office capabilities with its middle- and back-office platform to build a unified cloud-native front-to-back solution and expand hedge-fund coverage and international presence.

Precision Aerospace Holdings Acquires Clearwater Engineering

March 18, 2025

Manufacturing

Dallas-based Precision Aerospace Holdings, a portfolio company of Juniper Capital Management and CIC Partners, has acquired Clearwater Engineering, a Derby, Kansas precision machining and CNC milling company serving commercial and government aerospace customers. The add-on deal (closed March 7, 2025) expands Precision's Midwest footprint, adds machining capacity and capabilities, and brings approximately 40 Clearwater employees into the Precision platform.