Keenan Capital initiated a new position in Clearwater Analytics Holdings (CWAN 0.09%), buying 3,660,973 shares in the fourth quarter, an estimated $88.30 million trade, according to a February 13, 2026, SEC filing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 13, 2026, Keenan Capital disclosed the purchase of 3,660,973 shares of Clearwater Analytics Holdings during the fourth quarter. The quarter-end value of the new stake was $88.30 million, reflecting both the purchase and price changes during the quarter.
What else to know
- This was a new position; Clearwater Analytics Holdings now represents 16.08% of Keenan Capital’s reportable U.S. equity AUM as of December 31, 2025.
- Top holdings after the filing:
- NASDAQ: APP: $119.08 million (21.7% of AUM)
- NYSE: CWAN: $88.30 million (16.1% of AUM)
- NASDAQ: GLBE: $73.32 million (13.4% of AUM)
- NASDAQ: WDAY: $68.57 million (12.5% of AUM)
- NYSE: GDDY: $67.63 million (12.3% of AUM)
- As of February 12, 2026, shares of Clearwater Analytics Holdings were priced at $23.47, down 14.5% over the past year and underperforming the S&P 500 by 27.43 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-12) | $23.47 |
| Market Capitalization | $6.78 billion |
| Revenue (TTM) | $451.80 million |
| Net Income (TTM) | $424.38 million |
Company snapshot
- Clearwater Analytics provides SaaS-based solutions for automated investment data aggregation, reconciliation, accounting, and reporting, with a focus on investment accounting, performance measurement, compliance monitoring, and risk analytics.
- The company operates a subscription-based business model, generating recurring revenue by delivering cloud-based software and analytics services to institutional clients.
- Clearwater primarily serves insurers, investment managers, corporations, institutional investors, and government entities seeking robust investment data management and reporting capabilities.
Clearwater Analytics Holdings, Inc. is a technology-driven provider of investment accounting and analytics software, leveraging a scalable SaaS platform to deliver mission-critical solutions for institutional asset owners and managers. The company's recurring revenue model and focus on automation and data accuracy underpin its competitive positioning in the investment software industry. Clearwater's ability to integrate with multiple data sources and deliver comprehensive reporting supports its value proposition for large, complex financial organizations.
What this transaction means for investors
When a new position immediately commands more than 16% of a portfolio, that certainly stands out, especially here.
Clearwater recently delivered a third quarter that makes the bet easier to understand. Revenue climbed 77% year over year to $205.1 million, adjusted EBITDA jumped 84% to $70.7 million, and annualized recurring revenue reached $807.5 million with 108% net revenue retention. These figures point to a scaled SaaS platform with real operating leverage.
What’s also interesting is the timing. The company agreed in December to be acquired in an $8.4 billion deal, so it is unclear whether shares were accumulated before or after that announcement.
Within a portfolio already heavy in high-growth software names like AppLovin and Workday, this adds another recurring revenue compounder. Long term investors should focus on ARR durability, integration execution, and balance sheet leverage, not just the takeover headline. The next earnings release is slated for Wednesday.
