M&A Deal Summary

Clearwater Analytics Acquires Bistro

On March 12, 2025, Clearwater Analytics acquired software company Bistro from The Blackstone Group for 125M USD

Acquisition Highlights
  • This is Clearwater Analytics’ 2nd transaction in the Software sector.
  • This is Clearwater Analytics’ largest (disclosed) transaction.
  • This is Clearwater Analytics’ 3rd transaction in the United States.

M&A Deal Summary

Date 2025-03-12
Target Bistro
Sector Software
Buyer(s) Clearwater Analytics
Sellers(s) The Blackstone Group
Deal Type Add-on Acquisition
Deal Value 125M USD

Target

Bistro

United States
Bistro is a portfolio visualization software platform.

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Buyer(S) 1

Buyer

Clearwater Analytics

Boise, Idaho, United States

Category Company
Founded 2004
Sector Software
Employees1,915
Revenue 452M USD (2024)
DESCRIPTION

Clearwater Analytics provides web-based, investment portfolio reporting and analytics for institutional investors, investment managers, custody banks, and electronic trading portals. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for clients such as Cisco Systems, Oracle Corporation, Starbucks Corporation and Yahoo!. Clearwater Analytics was founded in 2004 and is based in Boise, Idaho.


DEAL STATS #
Overall 4 of 4
Sector: Software M&A 2 of 2
Type: Add-on Acquisition M&A Deals 3 of 3
Country: United States M&A 3 of 3
Year: 2025 M&A 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-12 Beacon

New York, New York, United States

Beacon is a cloud-based platform for quant development that enables users to build custom trading and risk management applications. The integrated development environment and a web application framework make developing applications faster and easier. Beacon was founded in 2014 and is based in New York, New York.

Buy -

Seller(S) 1

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 186 of 193
Sector: Software M&A 9 of 10
Type: Add-on Acquisition M&A Deals 73 of 74
Country: United States M&A 113 of 117
Year: 2025 M&A 4 of 11
Size (of disclosed) 56 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-12 Beacon

New York, New York, United States

Beacon is a cloud-based platform for quant development that enables users to build custom trading and risk management applications. The integrated development environment and a web application framework make developing applications faster and easier. Beacon was founded in 2014 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-19 KP1

Avignon, France

KP1 is a manufacturer of high performance prefabricated concrete products, focusing on floors and structural systems for the building industry. KP1 was founded in 1959 and is headquartered in Avignon, France.

Sell -