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Clio, a 17-year-old Canadian law firm management software company, has made a major move by agreeing to acquire vLex, a 26-year-old legal data intelligence platform, in a $1 billion cash-and-stock deal.
This announcement follows Clio’s significant $900 million funding round last year, which boosted the company’s valuation from $1.6 billion in 2021 to $3 billion.
vLex, previously owned by private equity firm Oakley Capital, has become a highly coveted asset in the legal tech industry, according to Jack Newton, CEO of Clio.
Harvey, an AI-native legal tech startup, made a failed attempt to acquire vLex a year ago, as reported by The Information.
vLex’s extensive database of legal documents is seen as a valuable resource for enhancing AI models used by lawyers.
“Data is a key competitive advantage for companies in this space,” Newton explained to TechCrunch.
The acquisition of vLex positions Clio, known for providing law firms with essential tools, to enter the realm of legal practice.
vLex’s development of Vincent, an AI model based on its legal content database, has been a significant achievement in recent years.
Newton believes that AI will blur the lines between business and practice of law, benefiting Clio’s small and medium law firm clients with access to Vincent’s AI capabilities.
In addition to the acquisition, Clio has also reached $300 million in annual recurring revenue (ARR).
