Clio, a Vancouver-based legal technology company, has acquired vLex for $1 billion, which the company described in an announcement on Monday as one of the largest transactions in the legal tech sector’s history.
The acquisition follows Clio’s $500 million Series G funding round, led by New Enterprise Associates, bringing the company’s total valuation to $5 billion.
Clio plans to combine its AI-powered legal workflow management system with vLex’s Vincent AI legal reasoning engine to create the Intelligent Legal Work Platform, which will bridge the business and practice sides of law by leveraging “AI that understands both the mechanics and substance of legal work.”
The two companies will also form a new division, Clio for Enterprise, designed to deliver a unified platform that encompasses performance, data and decision making for global legal teams.
“We founded Clio to transform the legal experience for all, and this milestone brings that mission to a new horizon. With vLex now part of Clio, and 350-plus experts in law, data and technology joining our team, we are combining the best minds and the best tools to build the world’s most powerful legal intelligence platform, a platform that will define how legal work is done for generations to come,” Jack Newton, CEO of Clio, stated in the announcement.
