Legal AI Giant Clio Reaches $5 Billion Valuation with Strategic vLex Acquisition

Legal AI firm Clio valued at $5 billion in latest funding round

Nov 10 (Reuters) - Legal artificial intelligence company Clio said on Monday it has raised $500 million in a funding round led by New Enterprise Associates (NEA), valuing the company at $5 billion. The funding comes as demand for AI tools that automate professional and office work grows, with firms looking to streamline routine tasks, reduce costs, and improve decision-making. Venture capital firms are pouring significant investments into companies developing such AI technology. The latest round also included participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI Equity. Clio, founded by Jack Newton and Rian Gauvreau in 2008, streamlines legal work for firms of all sizes and is used to manage cases, research, and workflows. It provides services to legal professionals in more than 130 countries. The Vancouver-based company has also secured a $350 million debt facility led by Blackstone and funds managed by Blue Owl Capital. Clio said the capital will support AI product development and further strategic acquisitions. Last year, the company raised $900 million, at a valuation of $3 billion. Clio said it also completed its $1 billion acquisition of global legal research platform vLex. Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles., opens new tab

Canadian AI legal-tech Clio raises $500m at $5bn valuation

Alongside the raise, Clio has purchased Spanish AI legal-tech firm vLex for $1bn. Canadian AI legal-tech Clio has closed a $500m Series G funding round, taking the 17-year-old company to a $5bn valuation. The raise was led by venture capital firm New Enterprise Associates and included existing investors Goldman Sachs Asset Management, TCV, Sixth Street Growth and JMI Equity. The round also coincides with the company's acquisition of the Spanish AI legal-tech vLex for $1bn, which Clio claims is the largest M&A transaction ever in legal technology. Clio makes cloud-based systems for lawyers to help them manage and grow their legal firms. Lawyers use its platform to help run their operations, communicate with their clients, manage their finances and produce documents. According to the company, more than 150,000 legal professionals worldwide use the company's services. Speaking with SiliconRepublic.com at the Leaders' Room Podcast earlier this year, Jack Newton, the company's co-founder and CEO described Clio as an 'operating system for law firms'. "This is a defining moment for Clio and for the legal industry," Newton said, commenting on the raise and acquisition announced yesterday (10 November). "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." According to the company, vLex's acquisition accelerates Clio's expansion into the enterprise market, expanding its reach from small and medium firms to much larger legal organisations. Moreover, Clio has also raised $350m debt facility led by Blackstone and funds managed by Blue Owl Capital. Oakley Capital, a majority shareholder in vLex, has taken a Clio stocks as part of the transaction. "Oakley's decision to become a shareholder in Clio is an incredible vote of confidence," said Newton. "They share our belief in the transformative potential of AI in the legal industry and the scale of opportunity ahead. Their alignment with our vision reinforces the strategic importance of this combination and the global impact we can create together." The latest acquisition follows from March, when the company purchased ShareDo, a UK-based enterprise software provider for law firms. Since, Clio has transformed ShareDo into 'Clio Operate', an adaptive work management platform for large firms and corporate legal departments. The company's recent moves accelerate its evolution into an "AI-first company", it said. Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.

Legal AI firm Clio valued at $5 billion in latest funding round

The funding comes as demand for AI tools that automate professional and office work grows, with firms looking to streamline routine tasks, reduce costs, and improve decision-making. Legal artificial intelligence company Clio said on Monday it has raised $500 million in a funding round led by New Enterprise Associates (NEA), valuing the company at $5 billion. The funding comes as demand for AI tools that automate professional and office work grows, with firms looking to streamline routine tasks, reduce costs, and improve decision-making. Venture capital firms are pouring significant investments into companies developing such AI technology. The latest round also included participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI Equity. Clio, founded by Jack Newton and Rian Gauvreau in 2008, streamlines legal work for firms of all sizes and is used to manage cases, research, and workflows. It provides services to legal professionals in more than 130 countries. The Vancouver-based company has also secured a $350 million debt facility led by Blackstone and funds managed by Blue Owl Capital. Clio said the capital will support AI product development and further strategic acquisitions. Last year, the company raised $900 million, at a valuation of $3 billion. Clio said it also completed its $1 billion acquisition of global legal research platform vLex.

Legal AI firm Clio valued at $5 billion in latest funding round

(Reuters) -Legal artificial intelligence company Clio said on Monday it has raised $500 million in a funding round led by New Enterprise Associates (NEA), valuing the company at $5 billion. The funding comes as demand for AI tools that automate professional and office work grows, with firms looking to streamline routine tasks, reduce costs, and improve decision-making. Venture capital firms are pouring significant investments into companies developing such AI technology. The latest round also included participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI Equity. Clio, founded by Jack Newton and Rian Gauvreau in 2008, streamlines legal work for firms of all sizes and is used to manage cases, research, and workflows. It provides services to legal professionals in more than 130 countries. The Vancouver-based company has also secured a $350 million debt facility led by Blackstone and funds managed by Blue Owl Capital. Clio said the capital will support AI product development and further strategic acquisitions. Last year, the company raised $900 million, at a valuation of $3 billion. Clio said it also completed its $1 billion acquisition of global legal research platform vLex. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber)