About Us

Clearwater Analytics® is the leading provider of web-based investment portfolio accounting, reporting, and reconciliation services for institutional investors at thousands of organizations.

Clearwater aggregates, reconciles, and reports on more than $3 trillion in assets across thousands of accounts daily. Our clients include corporate treasuries, insurance companies, investment managers, banks, governments, and other institutional investors both in the United States and worldwide.

For more than a decade, we have leveraged web-based software and world-class client service to help clients such as Cisco, Facebook, Oracle, Starbucks, Knights of Columbus Insurance, CopperPoint Mutual Insurance Company, C.V. Starr & Co., Wilton Re., WellCare Health Plans, and many others, streamline their investment and accounting operations. Clearwater also works with hundreds of custodians, investment managers, dealers/brokers, and electronic trading portals who offer Clearwater to their many clients.

With global headquarters in Boise, Idaho, and offices in New York, London, and Edinburgh, Clearwater sets the new global standard for investment portfolio reporting.

Executive Team

Sandeep Sahai

Sandeep Sahai

Chief Executive Officer and Board Member

Sandeep Sahai

Sandeep Sahai

Chief Executive Officer and Board Member

Sandeep is Chief Executive Officer of Clearwater. Previously, Sandeep was an Operating Partner at Welsh, Carson, Anderson & Stowe (WCAS) focused on investments in emerging business models including Platform and Software-as-a-Service, having joined WCAS in 2014. He has specialized in the financial markets, cyber security, analytics and services industries. Sandeep worked with WCAS previously as President and CEO of Headstrong, a former WCAS portfolio company. He was a founder and partner of the consulting firm TechSpan that merged with Headstrong in 2003.

Sandeep holds an M.B.A. from the Indian Institute of Management, Calcutta; an Engineering degree from the Indian Institute of Technology, Varanasi; and graduated from The Doon School, Dehradun.

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Cindy Blendu

Cindy Blendu

Chief Transformation Officer

Cindy Blendu

Cindy Blendu

Chief Transformation Officer

Cindy is responsible for leading the transformation program and roadmap to make Clearwater Analytics a global leader in FinTech.

Cindy has over 20 years of experience working in companies undergoing transformational change. She has diverse and hands-on experience across the areas used to achieve large scale change, including mergers and acquisitions, organization and operating model redesigns, culture and employee engagement, and major systems implementations. Cindy started her career with Deloitte Consulting and spent 10 years with Boston Consulting Group (BCG). She has held senior leadership roles at CSC (now DXC Technology), Advantia Health, and Solera Holdings. She most recently founded Headpoint Consulting.
 
Cindy holds degrees from MIT Sloan School of Management and Miami University (Ohio) and spent two years at the U.S. Coast Guard Academy.

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Scott Erickson

Scott Erickson

Chief Operating Officer

Scott Erickson

Scott Erickson

Chief Operating Officer

Scott joined Clearwater in 2005 and has successfully served in a number of roles leading multiple Clearwater departments. This experience has given him a deep understanding of client needs and current market challenges. After starting as a Client Account Manager in 2005, he transitioned to lead the team as the Director of Client Services in 2008. Scott’s background solving client needs to enhance their overall experience led him to start the Product Management team in 2010. Scott served as the Director of both Client Services and Product Management starting in 2013, and achieved record sales numbers as Director of Global Sales during 2016 and into 2017. As Chief Operating Officer, Scott’s primary focus is ensuring that Clearwater’s operational infrastructure is continuously improving to support the success of Clearwater’s clients.

Scott holds an MBA from Northwest Nazarene University and graduated cum laude from Whitman College with a bachelor’s in Spanish literature.

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Judy Madden

Judy Madden

Chief Human Resources Officer

Judy Madden

Judy Madden

Chief Human Resources Officer

Judy leads the Human Resources function at Clearwater and is responsible for supporting a culture and creating a workplace in which all employees have the opportunity to grow and succeed. She is focused on ensuring that Clearwater is an employer of choice in all of the communities in which we work.

Judy joined Clearwater in November 2018 from Risk Management Solutions, where she was Senior Vice President and Head of People. Prior to RMS, Judy was the Vice President of Global Human Resources at Apttus, where the HR team supported a 200% increase in employees in just over two years. Previous roles include Vice President of Talent at Adchemy and Vice President of Human Resources at Grass Valley Group.  

Judy holds a Bachelor’s degree in Political Science from the University of California, Berkeley.

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James Price

James Price

Chief Technology Officer

James Price

James Price

Chief Technology Officer

As Chief Technology Officer James is responsible for overseeing all technical aspects of the company. James joined Clearwater Analytics in November 2004. Previous to his current role as Chief Technology Officer, he was Director of Product Development and brings more than 13 years of experience in software engineering. James’ deep understanding of different coding languages, data stores, front-end technologies, and web servers helps him lead development to code new functionalities into the Clearwater system every day. James previously worked at Hewlett Packard and CQG Inc. as a developer and lead architect.

James graduated Cum Laude with a bachelor’s in computer science from Utah State University.

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Justin Reed

Justin Reed

Director of Product Management

Justin Reed

Justin Reed

Director of Product Management

Justin and his team are responsible for defining Clearwater’s strategic development roadmap and analyzing markets and market participants to allow Clearwater to react quickly to changing client needs, new regulatory guidance, and shifting strategic priorities. Justin helps ensure our product meets clients’ needs and maintains a high level of client success and satisfaction. Justin joined Clearwater Analytics in July 2004 and served as one of the original system architects for a number of core Clearwater systems and processes.

Justin holds a bachelor’s degree in computer science from Boise State University. 

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Board Members

Doug Bates

Doug Bates

Founder and Board Member

Doug Bates

Doug Bates

Founder and Board Member

With 28 years of experience on the marketing and sales side of the fixed income and derivatives industry, Doug Bates brings a valuable perspective to the Clearwater management team.

Prior to co-founding Clearwater Analytics in 2004, Doug co-founded Clearwater Advisors, an institutional fixed income investment advisor, in 2001 and was a partner at Sawtooth Investment Management starting in 1998. Prior to Sawtooth, Doug had a 16-year career with Goldman Sachs in institutional fixed income and derivative sales management. After five years at Goldman Sachs in New York, Doug was asked to establish the Goldman Sachs fixed income and derivatives sales operation on the west coast. The team was assembled to specialize in marketing derivative strategies to large institutional clients. Doug worked with Goldman’s largest west coast clients to develop strategies for managing their global currency and interest rate exposures.

Doug holds an MBA and a bachelor’s in accounting from Brigham Young University. 

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David Boren

David Boren

Founder and Board Member

David Boren

David Boren

Founder and Board Member

As a technology expert and former derivatives trader, he brings a unique perspective on the use of technology to enhance investment accounting and reporting and is responsible for managing and implementing Clearwater’s strategic plan and ensuring the overall health of the company.

Prior to co-founding Clearwater Analytics in 2004, Dave co-founded Clearwater Advisors, an institutional fixed income investment advisor in 2001 and co-founded Sawtooth Investment Management, a private investment company specializing in limited-risk fixed income investment strategies in 1995. Dave also had a distinguished ten-year career as a fixed income and derivatives trader with Goldman Sachs. During his tenure at Goldman, Dave organized derivative trading desks in New York and Tokyo, trading global fixed income securities, interest rate swaps, currencies, and cross-market derivatives.

Dave holds an MBA from Harvard Business School and a bachelor’s in economics from Brigham Young University.

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Michael Boren

Michael Boren

Founder and Board Member

Michael Boren

Michael Boren

Founder and Board Member

With over 30 years in fixed income investment management, consulting, and analysis Mike brings a breadth of knowledge to Clearwater’s executive team.

Mike’s career in the financial industry began in 1984 when he was appointed director of research at The Geldermann Group, a division of ConAgra. In 1986 Mike started an independent brokerage firm specializing in institutional brokerage of arbitrage and relative value transactions involving futures, spot, and forward markets. In 1995, Mike and Dave Boren founded Sawtooth Investment Management, an investment advisor specializing in limited risk and relative value fixed income investment strategies. In 2001 Mike co-founded Clearwater Advisors, an institutional fixed income investment advisor. In 2004, he co-founded Clearwater Analytics. Throughout his career, Mike has focused on providing superior investment advice and innovative financial services to sophisticated institutional clients.

Mike holds a bachelor’s in economics from Brigham Young University.

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Anthony J.  de Nicola

Anthony J. de Nicola

Board Member

Anthony J.  de Nicola

Anthony J. de Nicola

Board Member

Mr. de Nicola is the President and a Managing Partner of WCAS and a member of the Management Committee, having joined WCAS in 1994. He focuses on technology investments. Prior to joining WCAS, Mr. de Nicola worked for four years in the private equity group at William Blair & Company. Previously, he worked at Goldman Sachs & Co. in the Mergers and Acquisitions Department.

Education

Harvard Business School - M.B.A.

DePauw University - B.A.

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Christopher J. Hooper

Christopher J. Hooper

Board Member

Christopher J. Hooper

Christopher J. Hooper

Board Member

Mr. Hooper is a General Partner in the Technology Group at WCAS and leads the Firm’s San Francisco office, having originally joined WCAS in 2005. Earlier in his career, Mr. Hooper worked at Golden Gate Capital in San Francisco and Lazard in New York.

Education

Colgate University - B.A.

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Eric J. Lee

Eric J. Lee

Chairman of the Board

Eric J. Lee

Eric J. Lee

Chairman of the Board

Mr. Lee is a General Partner in the Technology Group at WCAS and a member of the Management Committee, having joined WCAS in 1999. Before joining WCAS, he worked at Goldman Sachs & Co. in the Mergers & Acquisitions and High Technology investment banking groups.

Education

Harvard University - A.B.

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Sandeep Sahai

Sandeep Sahai

Chief Executive Officer and Board Member

Sandeep Sahai

Sandeep Sahai

Chief Executive Officer and Board Member

Sandeep is Chief Executive Officer of Clearwater. Previously, Sandeep was an Operating Partner at Welsh, Carson, Anderson & Stowe (WCAS) focused on investments in emerging business models including Platform and Software-as-a-Service, having joined WCAS in 2014. He has specialized in the financial markets, cyber security, analytics and services industries. Sandeep worked with WCAS previously as President and CEO of Headstrong, a former WCAS portfolio company. He was a founder and partner of the consulting firm TechSpan that merged with Headstrong in 2003.

Sandeep holds an M.B.A. from the Indian Institute of Management, Calcutta; an Engineering degree from the Indian Institute of Technology, Varanasi; and graduated from The Doon School, Dehradun.

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