Enfusion began as two Chicago programmers who had seen how badly hedge funds ran their own technology. They had worked inside big funds and watched data leak between fragmented systems and patched-together spreadsheets. More than 24 years before its IPO, they started a fintech consultancy, then brought in a third developer to build one platform for the whole investment process. By 2021 Enfusion served 635 clients, and asset managers were moving their back offices to the cloud.

From the Trade to the Books

Enfusion's software ran a fund from the trade to the books. Portfolio managers, traders, risk teams, and accountants worked from the same data. Its clients ranged from hedge funds and private equity funds to family offices and mutual funds. Almost all its revenue came from subscriptions. In 2020 it kept more than 120 percent of its prior-year revenue from existing clients and turned a profit.

Seventeen Dollars, Then Clearwater

Enfusion priced its IPO at $17 a share in October 2021 and listed on the New York Stock Exchange as ENFN. It sold 15.3 million shares, and existing holders sold 3.4 million more. A new CEO had taken over in March 2020, just as the pandemic hit. In January 2025 Clearwater Analytics agreed to buy Enfusion in cash and stock, valued at about $11.25 a share. The deal closed in April 2025.

Cover: N. W. Corner of LaSalle and Randolph, Chicago, Showing Court House Square, Raoul Varin. Art Institute of Chicago, public domain. Chosen for LaSalle Street (Chicago's financial district).