Who Owns Enfusion?

Enfusion was originally founded in 1997 as a technology and operations consulting firm. The founding team included Tarek Hammoud, Stephen M. Malherbe, Oleg Movchan, and Scott Werner. The company was headquartered in Chicago, Illinois, with additional offices in New York, London, and Hong Kong.

In 2006, after identifying a gap in the market for a multi-tenant, cloud-based portfolio management system, the founding team launched Integrata, the platform that would become Enfusion's core product. The platform provided front-to-back office functionality including order and execution management, portfolio management, reconciliations, valuations, risk, fund accounting, and fund services across asset classes on a single data set.

Throughout the 2010s, Enfusion grew as a private company, serving hedge funds and traditional asset managers. The company raised significant growth equity from FTV Capital, a financial technology-focused private equity firm. Enfusion's cloud-native, multi-tenant architecture differentiated it from legacy on-premise systems that required extensive operational teams and fragmented data.

Enfusion completed its initial public offering in October 2021, listing on the New York Stock Exchange under the ticker ENFN. The IPO provided capital for continued product development and market expansion. The company reported revenue of approximately $201.6 million on a trailing twelve-month basis before the acquisition.

In 2024, Enfusion's performance attracted acquisition interest. Clearwater Analytics, which had historically focused on back-office functions such as investment accounting, sought to expand into front-office capabilities. On January 10, 2025, Clearwater and Enfusion announced a definitive merger agreement valued at approximately $1.5 billion. The transaction closed on April 21, 2025, and Enfusion was delisted from the NYSE.

Following the acquisition, Enfusion's front-office capabilities were combined with Clearwater's middle and back-office solutions. Clearwater also acquired Blackstone's BISTRO platform, adding analytics and data infrastructure for private and structured credit markets. Additionally, Clearwater announced its intent to acquire Beacon, a provider of enterprise risk analytics and technology infrastructure. These acquisitions transformed Clearwater from a back-office accounting platform into a comprehensive front-to-back investment management technology provider.

As of 2026, Enfusion operates as a brand within Clearwater Analytics. The Enfusion platform continues to serve hedge funds and asset managers, with its front-office capabilities integrated into Clearwater's broader offering. Clearwater supports over $8.8 trillion in assets globally, with approximately 76% of revenue generated in the United States.