Clio, a Canadian software company focusing on law firm management, is acquiring legal data platform vLex for $1 billion in a cash-and-stock deal. This move comes after Clio's valuation surged to $3 billion following a previous funding round. vLex's comprehensive legal database strengthens Clio's offerings, enabling advanced AI applications in legal practices. The acquisition marks a strategic shift for Clio, as it expands into practice law, leveraging vLex's AI model, Vincent, and enhancing services for small and medium law firms.
Data is one of the only long-term defensible competitive moats a company can have in the space," Newton told TechCrunch.
AI is going to drive a convergence of what have historically been distinct categories of software: the business of law and the practice of law," Newton said.
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