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Clio Closes $1 Billion vLex Deal, Raises $500 Million at $5 Billion Valuation

New financing gives Clio runway to fuse vLex’s AI research with its operating system.

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Jack Newton, CEO and co-founder of Clio, poses for a photograph at the company's headquarters in Burnaby, B.C., on Friday, March 6, 2020
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Overview

  • Clio completed its acquisition of vLex for approximately US$1 billion and disclosed a US$5 billion valuation following a US$500 million Series G.
  • The company also secured a US$350 million debt facility backed by Blackstone and Blue Owl Capital to support integration, AI investment and potential acquisitions.
  • Clio plans an Intelligent Legal Work Platform that combines its practice-management stack with vLex’s Vincent AI to connect research, drafting and firm operations.
  • vLex contributes a legal-data library exceeding one billion documents across about 110 jurisdictions and relationships with large firms, governments and in-house teams.
  • The transaction, led by NEA with participation from TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI Equity, broadens Clio’s reach into larger firms and new international markets, with industry observers highlighting execution challenges against incumbents Thomson Reuters and LexisNexis.