Clearwater Analytics (NYSE: CWAN), the most comprehensive technology platform for investment management, today announced that McCormick & Company (NYSE: MKC) a global leader in flavor, has adopted Clearwater’s commercial paper (CP) workflow solution to streamline short-term capital raising and improve oversight of its program.

The move comes as higher interest rates and increased issuance volumes push corporations to rethink how they access and manage short-term funding. As of May 2025, U.S. commercial paper outstanding averaged over $1.4 trillion, a 13% year-over-year increase, according to Federal Reserve data, making visibility, pricing, and efficiency more critical than ever.

“Amid a volatile interest rate environment, gaining a clear, real-time view of our commercial paper program is essential to managing costs and executing quickly,” said Tony Masteran, Senior Treasury Manager at McCormick & Company. “Clearwater enables us to make better pricing decisions, track dealer performance, and reduce internal complexity—all without a heavy implementation.”

“McCormick’s implementation represents a strategic shift we’re seeing across corporate treasury— the movement from fragmented, transaction-based approaches to integrated, technology-enabled capital optimization,” said Scott Erickson, CRO at Clearwater Analytics. “Our platform gives treasurers the technology to identify opportunities, act fast, and manage risk across their entire liquidity portfolio. We couldn’t be prouder to partner with McCormick as they lead the way in modernizing their treasury operations.”

McCormick & Company is not alone. As the Federal Reserve’s hiking cycle has peaked and short-term rates are expected to decline further, many corporations are strategically increasing their short-term debt issuances while limiting longer-term commitments. This trend is driving demand for sophisticated CP management tools. Clearwater’s CP solution provides:

• Benchmarking tools to assess issuance rates against peer programs
• Real-time monitoring of maturities, allocations, and execution
• Integrated reconciliation of dealer quotes, trades, and settlement data

For more information, speak to Clearwater’s corporate treasury solutions team today.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With over $6.7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank’s RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose – To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable, and delicious go hand in hand.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

About Clearwater Analytics

Clearwater Analytics (NYSE: CWAN) is transforming investment management with the industry’s most comprehensive cloud-native platform for institutional investors across global public and private markets. While legacy systems create risk, inefficiency, and data fragmentation, Clearwater’s single-instance, multi-tenant architecture delivers real-time data and AI-driven insights throughout the investment lifecycle. The platform eliminates information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system. Serving leading insurers, asset managers, hedge funds, banks, corporations, and governments, Clearwater supports over $8.8 trillion in assets globally. Learn more at www.clearwateranalytics.com.

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