Editor’s note: The following story includes two paragraphs of largely word-for-word information from an Associated Press report. We have concluded this is a violation of our ethics standards. We apologize to The Associated Press and our readers.
Boise software company Clearwater Analytics could be up for sale, the Reuters news agency reports.
Welsh, Carson, Anderson & Stowe, a New York buyout firm that took a majority stake in Clearwater in 2016, has hired an investment bank to review options for the company, two unnamed sources told Reuters.
Founded in 2004 by Doug Bates and brothers Dave and Michael Boren, Clearwater Analytics is an investment accounting, reporting and analytics software company with offices in Boise, New York City, London, New Dehli and Edinburgh. Clients use the software to analyze and manage their investment portfolios.
Clients include Starbucks, Yahoo, Zions Bank, Facebook, Garmin and Netflix.
The Clearwater Building at 777 W. Main St., a nine-story building adorned with the company’s logo, is probably how Clearwater is best known to most Boiseans. It has served as the company’s headquarters since 2016.
Clearwater generates around $200 million of revenue annually, Reuters reported. Its sources said that besides a sale, Clearwater is considering an initial public offering of stock or a recapitalization to support expansion in Europe and Asia.
Neither Clearwater nor Welsh Carson responded to requests for comments from the Idaho Statesman or Reuters.
Last year, Clearwater was ordered to pay $44 million in damages in a lawsuit over trade secrets.
Connecticut-based financial software company SS&C Technologies Holdings Inc., alleged that Clearwater Analytics hired two SS&C employees who made copies of confidential SS&C product and customer documents before leaving SS&C with the intent to use them at their new jobs.
Clearwater Analytics denied any wrongdoing, but a jury in Cook County, Illinois, sided with SS&C and ordered the Idaho company to pay damages, including $28 million in punitive damages.
The Boren brothers, who, along with Bates, still sit on Clearwater’s seven-member board of directors, have attracted recent attention for their opposition to a trail in the works between Stanley and Redfish Lake that will wind through Dave Boren’s property.
A federal court allowed construction to begin on the easement in place when he bought the 1,800-acre-ranch next to Stanley in 2016.
Michael Boren also owns a ranch in the recreation area. Michael Boren allegedly harassed the trail work contractor on June 20 by flying a helicopter close to the workers. A federal judge denied a restraining order against the Borens, who denied they were harassing the workers.