Clearwater Analytics, a Software-as-a-Service (SaaS (News - Alert)) company providing Web-based, investment portfolio reporting and analytics for institutional investors, announced it accepted growth equity investment from Summit Partners that invests in rapidly growing companies.

Following the investment, Summit Partners' Greg Goldfarb joined the Clearwater Analytics Board of Directors, while Summit's Harrison Miller will serve in a board advisory capacity.

“The partnership with Summit Partners was driven by Clearwater's commitment to rapid, profitable growth sustained by best practices,” said Courtlandt Gates, chief executive officer of Clearwater Analytics, in a statement. “Summit's impressive track record in assisting SaaS companies – particularly those located in the Mountain West – and the deep domain knowledge brought by Harrison and Greg to our board made Summit a compelling partner.”

Clearwater Analytics reports on $600 billion in assets for 2,500 institutional investors worldwide. Clearwater's platform reconciles investment portfolio information at the tax lot level. It generates transparency in daily reporting and analytics. Clearwater's customer base includes market leaders such as Cisco Systems, Oracle (News - Alert) Corporation, Starbucks Corporation and Yahoo!

“At Summit Partners, we've been making growth equity investments in technology companies for more than 25 years,” said Harrison Miller, a managing director at Summit Partners. “Clearwater's commitment to continuous product innovation and customer satisfaction gives us great confidence that it can extend its market leadership for many years into the future.”

One of the privately held largest SaaS companies, Clearwater Analytics developed a multi-tenant, scalable software and data platform that analyzes hundreds of thousands of different securities. Its solutions perform complex mathematical calculations and deliver daily reporting and analytics to large and mid-sized companies with investment assets ranging from $50 million to $50 billion.

In September 2010, Clearwater Analytics announced it has been named a finalist for the 2010 Alexander Hamilton Award in the Solution of the Year category.