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Enfusion, Inc. (ENFN): A Defunct Ticker Absorbed into Clearwater Analytics

Published September 8, 202619 min read·TickerFile Research · Enfusion Inc (ENFN)
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The ticker ENFN no longer corresponds to a publicly traded company. The EDGAR record for Enfusion, Inc. under CIK 0001868912 shows the last substantive operating filing as the annual report for fiscal year 2024. A merger-closing filing and a Form 15-12G termination of registration follow in the record, both dated in spring 2025. The company's Class A common stock, which traded on the New York Stock Exchange under the symbol ENFN, ceased trading before the market opened on April 21, 2025, when Clearwater Analytics Holdings, Inc. completed its acquisition of Enfusion. Every share and vested restricted stock unit was converted into cash and Clearwater stock under the deal terms, the board of directors ceased to exist, and the company's Exchange Act reporting obligations were suspended. No filings of any kind appear on the EDGAR browse page after May 15, 2025, which places the issuer more than twelve months past its last filing and squarely in defunct-ticker territory for the purposes of this note.

The substance of what ENFN was, for the roughly two and a half years it traded, is worth a compact accounting. Enfusion was a Chicago-headquartered, Delaware-incorporated SaaS provider that sold a cloud-native, multi-tenant platform uniting front-, middle-, and back-office investment management workflows under a single dataset. The fiscal 2024 annual report shows total revenue of $201.6 million. The gross profit margin was 67.8 percent and the adjusted EBITDA margin was 21.2 percent. Annual recurring revenue stood at $210.4 million, and the company reported 916 clients across four continents. The revenue base and client count together establish the scale of the business at the point of acquisition.

The practical consequence for anyone holding the ENFN symbol on a watch list, screen, or portfolio tracking system is that there is no longer an investable security behind it. The share price history ends at the merger close in April 2025. The ticker carries no live price, no market data feed, no upcoming filings, and no path back to public listing absent a future public offering by Clearwater of Enfusion shares, which no filing contemplates. This note documents the identity verification, the financial record, the merger mechanics, and the post-merger status, so that the defunct status is on the record with the supporting evidence. The acquisition by Clearwater valued the eligible shares at an aggregate $1.41 billion, or $10.87 per share under the cash-only proration math. That represented a premium over the roughly $8.50 range at which the stock had traded in the weeks before the deal announcement in January 2025.