Clearwater Analytics (CWAN) agreed to buy Enfusion (ENFN) for $1.5 billion in cash and stock to expand its investment management platform.

Enfusion stockholders will get $11.25 a share comprising $5.85 in cash and $5.40 in Clearwater class A shares, the companies said Monday in a statement. Clearwater is expected to pay $760 million in cash and issue 23 million to 28 million new shares to Enfusion investors.

As part of the purchase price, Clearwater will also pay $30 million to terminate Enfusion's tax receivable agreement, the statement said.

Enfusion shares jumped 8.7% in recent Monday trading, and Clearwater fell 1.5%.

Price: 10.80, Change: +0.86, Percent Change: +8.65