Organization and Description of Business

Clearwater Analytics Holdings, Inc. (the “Company” or “CWAN”) was incorporated as a Delaware corporation on May 18, 2021 as a holding company for the purpose of facilitating the IPO, completed on September 28, 2021, and other related transactions in order to carry on the business of the Company. Prior to the IPO, all business operations were conducted through Carbon Analytics Holdings, LLC, which changed its name to CWAN Holdings, LLC (“CWAN Holdings”) in connection with the IPO. CWAN provides a SaaS solution for automated investment data aggregation, reconciliation, accounting and reporting services to insurers, investment managers, corporations, institutional investors and government entities. Following the IPO, CWAN’s principal asset consists of ownership of common units in CWAN Holdings. As the sole managing member of CWAN Holdings, CWAN operates and controls all the business operations of the Company. Our corporate structure following the IPO, as described above, is commonly referred to as an “Up-C” structure. The Company does not have material assets, liabilities, revenues or expenses other than its investment in (and the deferred taxes and TRA expenses, if any, associated with) CWAN Holdings, which fully owns CWAN Acquisition LLC which fully owns and is guarantor of the Company.

The Company’s headquarters are located in Boise, ID, and we operate in six offices throughout the U.S. and thirteen offices internationally.

Upon the consummation of the IPO, we had four authorized classes of common stock: Class A common stock, Class B common stock, Class C common stock and Class D common stock. On June 12, 2025, each outstanding share of Class C common stock and each outstanding share of Class D common stock automatically converted into one share of Class B common stock and one share of Class A common stock, respectively, pursuant to our Amended and Restated Certificate of Incorporation (the “Conversion”). The Company does not have any intention to issue any additional shares of Class C common stock or Class D common stock following the Conversion. The attributes of the Company’s Class A common stock and Class B common stock are summarized in the following table:

Class of Common Stock

Votes per Share

Economic Rights

Class A common stock

Yes

Class B common stock

As of December 31, 2025, the Company owns 99.3% of the interests in CWAN Holdings. Continuing Equity Owners which hold Class B common stock own the remaining 0.7% of the interests in CWAN Holdings.

In January 2026, Continuing Equity Owners exchanged 544,628 shares of Class B common stock into an equal number of shares of Class A common stock. No consideration was exchanged.