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Legal software company Clio drops $1B on law data giant vLex
Clio, last valued at $3B, makes a bet on AI-powered legal data provider
On Monday, Clio, a 17-year-old Canadian law firm management software company, announced that it has agreed to acquire vLex, a 26-year-old legal data intelligence platform, in a $1 billion cash-and-stock deal. vLex, which was largely bootstrapped until it was purchased by private equity firm Oakley Capital in 2022, has been a highly sought-after asset, according to Jack Newton, CEO and founder of Clio. Harvey, the AI-native legal tech startup, attempted to purchase vLex a year ago, but the acquisition didn’t come together, as reported by The Information last July.
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