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LONDON - Private equity firm Oakley Capital has agreed to sell legal technology platform vLex to Clio, a global legal technology provider, in a transaction valuing vLex at $1 billion, according to a press release statement issued Monday.
The deal, which establishes vLex as one of the few Spanish technology startups to achieve unicorn status, represents a 4% uplift in Oakley Capital Investments Limited’s (OCI) net asset value as of March 31, 2025.
OCI’s share of proceeds from the transaction, excluding underlying shares in Clio, is expected to be approximately £30 million ($38 million). As part of the agreement, Oakley Capital Origin Fund will partially reinvest in the combined business alongside vLex’s founders.
Oakley initially invested in vLex in September 2022 to support the development of its artificial intelligence capabilities and international expansion. Under Oakley’s ownership, vLex expanded into the U.S. market through the acquisition of Fastcase, which helped double the company’s revenues.
In 2024, vLex launched Vincent, an AI-powered legal workflow platform, transforming the business from a research database into a software platform. The company now serves a majority of the Am Law 100 firms.
Vancouver-based Clio provides legal technology solutions to over 200,000 legal professionals across more than 130 countries, offering services including client intake, case management, billing, and AI-powered productivity tools.
The combination aims to integrate the companies’ respective strengths to deliver a comprehensive platform for legal customers, with cross-selling opportunities as law firms increase their adoption of digital solutions.
The transaction value premium is equivalent to approximately 25 pence net asset value per share increase for Oakley Capital Investments Limited.
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