Burnaby-founded Clio has cemented its place among the world’s most valuable legaltech companies, closing a $1 billion acquisition and half-billion dollar funding round in one of the largest transactions ever in the sector.

Clio announced it has completed its US$1 billion acquisition of legal research company vLex, marking what it calls the largest M&A transaction in legal technology history. The deal coincides with Clio’s US$500 million Series G round, led by New Enterprise Associates (NEA), and values the company at US$5 billion.

Existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth, and JMI Equity also participated, alongside a new US$350 million debt facility led by Blackstone and Blue Owl Capital.

“This is a defining moment for Clio and for the legal industry,” said Jack Newton, CEO and founder of Clio. “With vLex now part of Clio, and 350+ experts in law, data, and technology joining our team, we are combining the best minds and the best tools to build the world’s most powerful legal intelligence platform.”