The LSE Directory / Trading software
Enfusion is a cloud based software platform for investment managers that brings order and execution management (OEMS), portfolio management, an investment book of record (IBOR), risk analytics, fund accounting and client reporting together on one data set, instead of the separate front, middle and back office systems many managers still run side by side. It is delivered multi tenant from the cloud rather than installed on premise, so every client sits on the same codebase, and Enfusion also sells outsourced middle and back office managed services on top of the software for firms that want the operational work handled for them rather than staffed in house. The company built its client base primarily among hedge funds and other alternative investment managers, a segment whose intraday trading, multi strategy structures and complex reporting needs are harder to serve with systems designed around long only, batch oriented workflows; Enfusion has described itself as the leading end to end platform for hedge funds and, more broadly, liquid alternatives. Because order management, position keeping and accounting run on a single data model rather than bolted together modules, the company markets real time visibility into the book as its point of difference against providers that assembled front to back coverage from separately built or acquired products. Enfusion traces its founding to 1997 in Chicago; its own IPO prospectus describes the company's origin as a financial technology consultancy started by two software developers who had previously worked in technology roles at large hedge funds. Co founder Tarek Hammoud served as chief executive until 2020 and then as executive chairman until retiring from the board in 2022, while co founder Stephen Malherbe, a former Citadel technical architect, led development of its Integrata platform. FTV Capital made the company's first outside institutional investment in January 2017 (amount undisclosed, over 200 clients at the time); ICONIQ Growth followed with a 150 million dollar investment in January 2021 that valued Enfusion at 1.5 billion dollars, and the company listed on the New York Stock Exchange that October under the ticker ENFN at 17 dollars a share. By the time its sale was announced in January 2025, Enfusion reported serving more than 850 investment managers from nine offices across four continents, with 2024 revenue of roughly 201 to 202 million dollars and annual recurring revenue of about 210 to 211 million dollars; Oleg Movchan, an Enfusion investor and board member for more than a decade, had been chief executive since December 2022. Clearwater Analytics agreed to acquire Enfusion for approximately 1.5 billion dollars in cash and stock in January 2025 and completed the deal that April, after which the platform began operating as Enfusion by Clearwater inside Clearwater's combined front to back offering. Clearwater Analytics was itself then taken private in a roughly 8.4 billion dollar buyout led by Permira and Warburg Pincus that closed in June 2026, so Enfusion now sits inside a privately held group rather than operating as a standalone public company.
