On Monday, CLIO, 17-year-old Canadian law firm, announced that she agreed to take over VLEX, a 26-year legal intelligence platform, in the agreement on the value of money and a magazine value $ 1 billion.
The announcement appears about a yr after the huge round of CLIO financing in the amount of $ 900 million, which nearly doubled the valuation of a company from British Columbia from $ 1.6 billion in $ 2021 to $ 3 billion.
According to Jacek Newton, CEO and founding father of Clio, Vlex, who was largely broken until it was purchased by Private Equity Oakley Capital in 2022, was a highly wanted advantage.
Harvey, a native start-up with AI technology, tried to buy VLEX a yr ago, but the takeover didn’t meet, (*1*)According to information in July last yr.
VLEX is a invaluable property because its legal documents database can significantly improve AI models for lawyers.
“The data is one of the few long -term competitive moats that the company may have in space,” said Newton, said Techcrunch.
VLEX competes with the legal database of Thomson Reuters and Lexisnexis. The takeover appears shortly after the announcement of Harvey Partnership with lexisnexisstriving to enrich the artificial intelligence of Harvey’s data Lexisnexis.
Along with the acquisition of VLEX, Clio, which provides tracking offices, invoicing and electronic payment tools, currently effectively enters into practice of the law itself.
Over the past few years, VLEX has built Vincent, a AI model built on the basis of a legal database of the company’s content.
“AI intends to converge what was historically separate categories of software: law of law and practice of law,” said Newton. He added that Clio customers in the small and medium -sized law firms segment will now have access to AI Vincent’s capabilities.
In addition to the announcement of plans to take over VLEX, Clio said that he had achieved $ 300 million of annual repetitive revenues (ARR).