Vancouver, B.C.-based legal tech company Clio completed its $1 billion acquisition of vLex, the company announced Monday.
The completion of the deal, first announced in June, coincides with the closing of a $500 million Series G funding round for Clio, valuing the company at $5 billion. The investment was led by New Enterprise Associates, along with TCV, Goldman Sachs Asset Management, Sixth Street Growth, and JMI Equity.
Founded in 2008, Clio serves thousands of law firms that use its software to run their business and manage relationships with clients.
vLex combines its research and drafting AI called Vincent with the company’s comprehensive global legal library.
Clio is led by CEO and co-founder Jack Newton, an author and podcast host who also co-founded the Legal Cloud Computing Association.
“With vLex now part of Clio, and 350+ 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,” Newton said in a news release.
Clio employs 2,000 people globally, mostly in the U.S. and Canada, with more than 450 at its Vancouver headquarters and a dozen in Washington state. Harsha Chandra Shekar, Clio’s vice president of business development, is based in Seattle.
In July 2024, Clio raised $900 million, in what the company described as the largest capital raise ever for a cloud-based legal software company.
