CLIO Legal Software declines at $ 1 billion on the VEX Law Data Giant

On Monday, CLIO, a 17 -year -old Canadian Law Firm, announced that it had agreed to obtain Vlex, a 26 -year -old legal data intelligence platform, in a billion dollar deal.

This announcement comes about a year after the huge financing round of $ 900 million, which almost doubled the evaluation of the British company in Colombia from $ 1.6 billion in 2021 to 3 billion dollars.

Vlex, which was largely equipped to be purchased by Oakley Capital in 2022, was of very desirable assets, according to Jack Newton, CEO and founder of CLIO.

Harvey tried to start the original legal technology, buy Vlex a year ago, but the acquisition did not meet, As I mentioned the information Last July.

Vlex is a valuable property because the legal document database can significantly improve artificial intelligence models.

“The data is one of the long -term competitive trenches that the company can enjoy in space,” Newton told Techcrunch.

Vlex compete with the legal database owned by Thomson Reuters and Lexisnexis. The acquisition comes shortly after Harvey’s announcement Partnership with LexisnexisIt aims to enrich the artificial intelligence Harvey with Lexisnexis data.

By acquiring Vlex, the Clio, which provides law firms with tracking tools, bills and electronic payment, is now effectively entering into the practice of the law itself.

Over the past few years, Vlex has built Vincent, an Amnesty International model designed over the company’s legal content database.

Newton said: “Artificial intelligence will approach the convergence of what was historically distinguished categories of software: law works and the practice of law,” Newton said. He added that Clio customers in the Small and Medium Lawyer Sector will now have the ability to access AI’s capabilities in Vincent.

In addition to announcing plans to obtain Vlex, CLIO said it had reached $ 300 million of repeated annual revenue (ARR).