Significant growth investment signals Canadian SaaS dominance and next hot tech industry.
Vancouver, BC, Sept. 04, 2019 (GLOBE NEWSWIRE) —Clio, the leader in cloud-based legal technology, announced today it has raised US$250 million in Series D funding from TCV and JMI Equity. This growth stage investment marks the largest in Canadian history and one of the largest in legal technology, as well as a definitive shift for the future of the legal industry.
As reported by the World Justice Project, 52% of Canadians experienced a legal problem in the past two years, but only 32% were able to access help with many (42%) seeking advice from a friend or family member.
“It’s clear something needs to change when the majority of legal problems don’t receive legal assistance,” said Jack Newton, CEO and Co-founder of Clio. “To assist lawyers in bridging that gap, we intend to completely redefine the way legal services are delivered, and democratize access to legal assistance by way of the cloud over the next decade. This is a monumental moment for us and the Canadian tech scene. More than that, this investment allows us to continually reimagine what’s possible for the future of legal services and that’s an exciting moment for all.”
Clio was founded by lifelong friends Jack Newton and Rian Gauvreau after speaking with the Law Society of British Columbia about the struggles solo lawyers and small firms face when running a business. Clio’s first ten years, and their two rounds of funding to-date totalling $26 million, focused on bringing cloud technology to law firms—a revolutionary step forward from the expensive, outdated on-premise solutions that were out of reach for most lawyers. With this investment, Clio will transform the practice of law, for good, by creating cloud-based solutions designed to help law firms deliver client-centered experiences and make legal services more widely accessible.
“At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers,” said Amol Helekar, Principal at TCV, and a member of Clio’s board of directors. “Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalize on their significant growth opportunities,” added Jake Reynolds, General Partner at TCV.
TCV and JMI have been investment partners to innovative technology companies such as Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify, and have helped these businesses achieve their growth objectives.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” said Matt Emery, General Partner at JMI Equity who has joined Clio’s board of directors. “Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” added Sureel Sheth, Principal at JMI.
Clio’s customers can expect to see ongoing investment in the depth and breadth of Clio’s offerings, with even more powerful and flexible tools for legal professionals to manage and grow their practices, making them more efficient and sustainable as businesses. Mark Britton, former Expedia executive and founder of legal marketplace Avvo.com, will be joining Clio’s board of directors to provide his own industry experience as the company brings its vision for the future of legal to market.
To date, Clio serves the needs of 150,000 customers spanning 100 countries, with over 150 integration partners, and the approval of over 66 bar associations and law societies worldwide, positioning them as clear market leaders across the board. Clio will remain Canadian owned with Vancouver headquarters and offices in Calgary, Toronto, Los Angeles, and Dublin.
Raymond James served as legal buyside advisor to TCV for this investment.
Clio (Themis Solutions Inc.), the leader in cloud-based legal technology, empowers lawyers to be both client-centered and firm focused through a suite of cloud-based solutions, including legal practice management, client intake and legal CRM software. Clio has been transforming the industry for over a decade with 150,000 customers spanning 100 countries, and the approval of over 66 bar associations and law societies globally. Clio continues to lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Clio has been recognized as one of Canada’s Best Managed Companies, a Deloitte Fast 50 and Fast 500 company, and, most recently, Company of the Year, Anchor Success by the British Columbia Tech Association. Learn more at clio.com.
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $12 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions.
TCV’s software and legal technology investments include Alarm.com, Altiris, Ariba, Avalara, Avetta, Avvo, AxiomSL, CCC Information Services, ExactTarget, ETQ, FinancialForce, Genesys, IQMS, LegalZoom, OpenText, OSIsoft, Rapid7, Rave Mobile Safety, RELEX Solutions, Sitecore, SiteMinder, SMT, Splunk, Toast, Xero, and more. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit tcv.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 145 businesses in its target markets, successfully completed over 95 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.