NEA-led investment, the largest transaction ever in cloud legal technology, includes participation from Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark.<\/b><\/p>\n
This press release was originally posted on our North American website.<\/em><\/p>\n\n\t\n\n Clio<\/span><\/a>, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.<\/span><\/p>\n For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world\u2019s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.<\/span><\/p>\n \u201cThis historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio\u2019s future,\u201d said Jack Newton, CEO and Founder of Clio. \u201cI\u2019m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.\u201d<\/span><\/p>\n Tony Florence, Co-CEO at NEA, has joined Clio\u2019s Board of Directors. Mr. Florence commented, \u201cClio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company\u2019s best-in-class retention and NPS are testaments to the team\u2019s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA\u2019s company-building expertise to partner with Jack and the Clio team on their next phase of growth.\u201d<\/span><\/p>\n Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio\u2019s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio\u2019s platform has been expanded to include:\u00a0<\/span><\/p>\n \u201cWhile we\u2019re immensely proud of our growth to date, the real opportunity lies ahead of us,\u201d continued Newton. \u201cAI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There\u2019s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.\u201d<\/span><\/p>\n Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.<\/span><\/p>\n Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio\u2019s exclusive financial advisor.<\/span><\/p>\n Media contact <\/b> About Clio<\/b> About NEA<\/b>\n
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\n<\/b>Mesila Malltezi, <\/span>media@clio.com<\/span><\/a>, 1-800-347-8314<\/span><\/p>\n
\n<\/b>Since its inception in 2008, Clio has revolutionized the landscape of legal technology, emerging as the undisputed leader of innovation and integration. By offering advanced yet intuitive legal software, Clio has redefined efficiency and client service, setting the standard for legal professionals across the globe. With an unwavering commitment to groundbreaking innovation and customer success, Clio stands as the preeminent authority in legaltech, continuously pushing the boundaries of the sector\u2019s evolution. Explore the future of legal technology with Clio at\u00a0 <\/span>www.clio.com<\/span><\/a>.<\/span><\/p>\n
\n<\/b>New Enterprise Associates, Inc. (NEA) is a global investment firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of December 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions.\u00a0<\/span><\/p>\n