Clearwater is aggressively transforming from a back-office accounting specialist into a unified, front-to-back office investment management platform. The company has a sticky 98% gross revenue retention rate and is integrating generative AI across $10 trillion in client assets, solidifying its position as a critical infrastructure layer for asset managers and insurers.
Cyborg Score Rationale
Annualized Recurring Revenue (ARR) reached $807.5 million as of Q3 2025, up 77% year-over-year. The company demonstrates strong market positioning with sticky revenue retention and is executing a significant strategic pivot from back-office to comprehensive platform, though acquisition integration risks exist.
Top Insights
ARR reached $807.5 million in Q3 2025, up 77% year-over-year, reflecting full-quarter contribution of acquired businesses
Q3 2025 revenue surged 77.1% year-over-year to $205.1 million with full-year guidance up to $731 million
The single-instance, multi-tenant architecture delivers real-time data and AI-driven insights, eliminating information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system
98% gross revenue retention rate demonstrates strong customer stickiness and platform value
Named Competitors
Black Knight — Investment data and analytics platform