Clearwater Analytics Stock Buy: $88.3 Million Stake Stands Out

Keenan Capital makes major investment in Clearwater Analytics amid $8.4 billion acquisition deal

Published on Feb. 17, 2026

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Keenan Capital, an investment management firm, disclosed the purchase of 3,660,973 shares of Clearwater Analytics Holdings (NYSE:CWAN) in the fourth quarter of 2025. The quarter-end value of the new stake was $88.30 million, reflecting both the purchase and price changes during the quarter. The new Clearwater Analytics Holdings position accounted for 16.08% of Keenan Capital's reportable U.S. equity assets under management (AUM).

Why it matters

Clearwater Analytics 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 recent financial performance, including a 77% year-over-year revenue increase and 84% jump in adjusted EBITDA, has made it an attractive investment target, leading to an $8.4 billion acquisition deal in December 2025.

The details

Keenan Capital's new position in Clearwater Analytics represents a significant investment, accounting for over 16% of the firm's U.S. equity AUM. This suggests the investment management firm sees significant growth potential in Clearwater's business, which has demonstrated strong financial results and a recurring revenue model. The timing of the investment, shortly before the announced acquisition, raises questions about whether the shares were accumulated before or after the deal was made public.

  • Keenan Capital disclosed the purchase of 3,660,973 shares of Clearwater Analytics Holdings in a February 13, 2026 SEC filing.
  • Clearwater Analytics agreed to be acquired in an $8.4 billion deal in December 2025.

The players

Keenan Capital

An investment management firm that disclosed the purchase of a significant stake in Clearwater Analytics Holdings.

Clearwater Analytics Holdings, Inc.

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.

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What they’re saying

“When a new position immediately commands more than 16% of a portfolio, that certainly stands out, especially here.”

— Jonathan Ponciano (The Motley Fool)

What’s next

Clearwater Analytics is scheduled to release its next earnings report on Wednesday, providing an opportunity for investors to assess the company's continued financial performance and growth prospects.

The takeaway

Keenan Capital's significant investment in Clearwater Analytics highlights the market's confidence in the company's technology-driven, recurring revenue business model and its potential for continued growth, even amid the backdrop of an $8.4 billion acquisition deal.