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(Bloomberg) — Canadian software company Themis Solutions Inc. struck a deal to buy legal data and research company vLex LLC for $1 billion in cash and shares.
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Themis, which is better known by its operating name Clio, helps lawyers manage their practices by automating processes such as client intake, accounting and document management. The acquisition will give it control of vLex’s artificial intelligence platform, known as Vincent, which is based on a database of legal documents, according to a statement Monday that announced the transaction.
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That database of primary case law is what allows Vincent to produce citations that are free of inaccuracies known as hallucinations, Clio Chief Executive Officer Jack Newton said in an interview. The AI engine operates in an “agentic” fashion, meaning it can carry out complex legal tasks autonomously once given a goal, with lawyers overseeing key steps rather than guiding it through every prompt, Newton said.
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Buying vLex would be “significantly accretive” to Clio’s valuation, Newton said.
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Last July, British Columbia-based Clio was valued at $3 billion when it raised $900 million in a funding round led by Goldman Sachs Asset Management and Alphabet Inc.’s venture arm.
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Newton said the vLex acquisition is a statement about Canada’s global tech ambitions. “It’s extremely exciting to be seeing a Canadian company doing billion-dollar acquisitions rather than being acquired for $1 billion,” he said.
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Clio’s customers are primarily in the US, Canada and the UK, and it’s seeing growth in the Middle East, Africa and Asia-Pacific regions, he said.
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—With assistance from Derek Decloet.
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(Updates with CEO interview and more details, beginning in the third paragraph.)
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