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Tuesday, 1 July 2025
Startups

Legal software company Clio drops $1B on law data giant vLex

Legal software company Clio drops B on law data giant vLex

On Monday, a 17-year-old Canadian Law firm Management Software Company, Cleo announced that it had agreed to acquire the 26-year legal data intelligence platform, Vlex at the $ 1 billion cash-end-stock deal.

The announcement was made about a year after Cleo’s mass $ 900 million funding round, which almost doubled the Valuation of the company at Vancouver, the British Columbia to $ 1.6 billion in 2021.

The Vlex, which was largely bootted until he was purchased by the private equity firm Okle Capital in 2022, has been a high -demand property, according to Jack Newton, CEO and CEO and Founder.

Harvey, AI-Ug legal technical startup, tried to buy Vlex a year ago, but the acquisition did not come together, As reported by information last July.

Vlex is a valuable property because its database of legal documents can greatly improve the AI ​​model for lawyers.

“Data is one of the only long -term defensive competitive moats that can be in space,” Newton told Techcrunch, “a company can be in space.”

The Vlex Thomson competes with the legal database and lexyxis owned by Reuters. Acquisition was done shortly after Harvey’s announcement Partnership with lexyxisThe goal is to enrich Harvey’s AI with lexisnexis data.

Vlex, with the acquisition of CLIO, which provides law firms with time-tracking, invoices and electronic payment equipment, is now effectively stepping into the practice of law.

Over the years, Vlex has created a vincent, which is an AI model built on top of the company’s legal material database.

Newton said, “AI is historically going to run an convergence of different categories of software: the practice of law and law,” Newton said. He said that in the small and medium law firm segment, Cleo’s customers will now have access to the AI ​​capabilities of the Vincent.

In addition to announcing the VLEX to receive the plan, CLIO stated that it has reached $ 300 million in the annual recurring revenue (ARR).

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