Yet Another Value Podcast Shomik Ghosh's $CWAN bull thesis
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Sep 22, 2025 In this engaging discussion, investor Shomik Ghosh delves into Clearwater Analytics (CWAN), highlighting its innovative cloud-native platform that's revolutionizing financial systems. He covers Clearwater's strategic acquisitions and their impact on valuation, as well as the company's robust data architecture. Shomik also discusses market opportunities in insurance and asset management, the influence of private equity, and potential AI applications. With insights on CWAN’s growth trajectory and competitive landscape, this conversation is a must-listen for investment enthusiasts.
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Cloud-First Back Office Moat
- Clearwater began as a cloud-first back-office reporting and compliance platform built to handle complex fixed-income portfolios.
- That cloud-native single source of truth made the product highly sticky with very high gross retention.
End-To-End Platform Ambition
- CWAN combines Clearwater with Beacon, Bistro and Infusion to pursue an end-to-front-office platform.
- The goal is cross-sell, tighter integration, and an integrated data flow from execution to reporting.
Market Discount From Transformational M&A
- The market discounts CWAN because it added a weaker business (Infusion) and took on leverage for acquisitions.
- That creates valuation opportunity if CWAN can fix retention and realize cross-sell synergies.