v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Preliminary Estimated Fair Value of Consideration The following table illustrates the computation of the estimated preliminary fair value of consideration transferred (in thousands):
Fair Value
Cash paid (1)
$760,499 
Fair value of Class A common stock issued (2)
598,648 
Fair value of converted Enfusion equity awards attributable to pre-combination service (3)
12,769 
Payment to terminate Enfusion’s tax receivable agreement (4)
30,000 
Total Merger Consideration1,401,916 
Less: cash acquired22,864 
Total Merger Consideration, net of cash acquired$1,379,052 
(1) Represents the cash consideration paid, consisting of (i) $760 million calculated as a product of 130 million outstanding shares of Enfusion common stock and cash consideration of $5.85 per share, and (ii) $20 thousand to settle all options.
(2) Represents the fair value of 28,066,027 shares of CWAN Class A common stock estimated issued, calculated using the per share price of Class A common stock as of April 21, 2025 of $21.33. Each share of Enfusion common stock settled at closing was exchanged based on an exchange ratio of 0.2159 shares of Class A common stock per share of Enfusion common stock.
(3) Represents the fair value of Enfusion restricted stock units (“RSUs”) and performance RSUs attributable to pre-combination services. Each outstanding Enfusion RSU and Enfusion RSU that vested in whole or in part based on performance-based vesting conditions assumed by CWAN was converted into a number of RSU awards denominated in shares of CWAN Class A common stock (“CWAN RSUs”). 1.9 million CWAN RSUs with a fair value of $41.3 million were issued, with $12.8 million attributable to pre-combination services. The fair value of Enfusion' equity awards after their conversion into CWAN equity awards attributable to post-combination service will be recognized as expense over the post-combination service periods on a straight-line basis.
(4) Represents payment to terminate Enfusion's tax receivable agreement in connection with the acquisition.
The following table illustrates the computation of the estimated preliminary fair value of consideration transferred.
Fair Value
Cash (1)
$351,327 
Fair value of Class A common stock issued (2)
178,707 
Fair value of converted Beacon equity awards attributable to pre-combination service (3)
1,911 
Total Merger Consideration531,945 
Less: cash acquired44,208 
Total Merger Consideration, net of cash acquired$487,737 
(1) Represents the cash consideration paid and to be paid, calculated based on $7.86 per share.
(2) Represents fair value of 7,858,675 shares of CWAN Class A common stock, calculated using the per share price of Class A common stock as of April 30, 2025 of $22.74. All shares of Class A common stock were issued as of December 31, 2025.
(3) Represents the fair value of Beacon options attributable to pre-combination services. Each outstanding and unvested Beacon option assumed by CWAN was converted into a number of CWAN RSUs. 0.2 million CWAN RSUs with a fair value of $5.5 million were issued, with $1.9 million attributable to pre-combination services. The fair value of Beacon equity awards after their conversion into CWAN equity awards attributable to post-combination service will be recognized as expense over the post-combination service periods on a straight-line basis.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed The allocated preliminary fair value is summarized as follows (in thousands):
Fair Value
Accounts receivable$35,445 
Prepaid expenses and other current assets1,753 
Property, equipment and software9,035 
Operating lease right-of-use assets16,211 
Deferred tax assets, net42,085 
Other non-current assets1,625 
Intangible assets450,000 
Goodwill854,391 
Accounts payable(1,059)
Accrued expenses and other current liabilities(11,694)
Operating lease liability, current portion(5,570)
Operating lease liability, less current portion(12,607)
Other long-term liabilities(562)
Total Merger Consideration for acquisition of business, net of cash acquired$1,379,053 
The allocated preliminary fair value is summarized as follows (in thousands):
Fair Value
Accounts receivable$16,769 
Prepaid expenses and other current assets1,427 
Property, equipment and software201 
Operating lease right-of-use assets2,597 
Intangible assets166,900 
Other assets431 
Goodwill339,247 
Accounts payable(1,272)
Accrued expenses and other current liabilities(8,271)
Deferred revenue(12,347)
Operating lease liability, current portion(482)
Operating lease liability, less current portion(2,251)
Deferred tax liabilities, net(14,747)
Other long-term liabilities(465)
Total Merger Consideration for acquisition of business, net of cash acquired$487,737 
Schedule of Preliminary Fair Values of Identified Intangible Assets Acquired
The following table presents details of the preliminary fair values of identified intangible assets acquired (in thousands, except years):
Fair ValueEstimated Useful Life
Developed technology$400,000 7 years
Client relationships40,000 10 years
Trade name / Trademarks10,000 5 years
Total$450,000 
The following table presents details of the preliminary fair values of identified intangible assets acquired (in thousands, except years):
Fair ValueEstimated Useful Life
Developed technology$130,000 8 years
Client relationships33,500 10 years
Trade name / Trademarks3,400 5 years
Total$166,900 
The following table presents details of the fair values of identified intangible assets acquired (in thousands, except years):
Fair ValueEstimated Useful Life
Blackstone Commercial Agreement$98,078 7 years
Developed Technology - BISTRO14,655 7 years
Total$112,733 
Summary of Supplemental Pro Forma Financial Information
Year Ended December 31,
20252024
Revenue$817,005 $708,264 
Net income (loss)$(71,653)$292,140