"Legal technology company Clio has completed its $1 billion acquisition of vLex, marking the conclusion of the largest deal in legal tech history, and has simultaneously closed a $500 million Series G funding round, along with a $350 million debt facility, valuing the combined company at $5 billion, and clearing the way to move forward on creating an unprecedented unified platform that spans both the business and practice of law."
"With the deal now closed, Clio becomes a company with $400 million in annual recurring revenue and a customer base of 400,000 legal professionals, it says. Today's dual announcements cap an extraordinarily compressed 180-day period during which Clio executed the largest acquisition in legal tech history while securing substantial new financing - all while building and launching major new products that debuted at its ClioCon conference in October."
""This is a defining moment for Clio and for the legal industry," said Jack Newton, Clio's founder and CEO. "We founded Clio to transform the legal experience for all, and this milestone brings that mission to a new horizon." The transaction brings vLex's 350-plus employees - including experts in law, data and technology - into Clio's organization, creating what Newton calls "the world's most powerful legal intelligence platform, a platform that will define how legal work is done for generations to come.""
Clio completed a $1 billion acquisition of vLex and secured a $500 million Series G funding round plus a $350 million debt facility, valuing the combined company at $5 billion. The combined company now reports $400 million in annual recurring revenue and a customer base of 400,000 legal professionals. The acquisition brings vLex's 350-plus employees and its legal research platform, including the Vincent AI assistant with 2.8 million registered users across more than 110 countries, into Clio. Clio's cloud-based legal operating system reportedly serves more than 200,000 legal professionals. Spanish regulatory approval in late October enabled the closing after a compressed 180-day period of transactions and product launches.
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