By LE Desk
April 27: Legal technology company Clio reached a valuation of $1.6 billion in a new $110 million funding round.
Clio, which provides software for law firms, has raised the money from funds and accounts advised by T. Rowe Price Associates Inc. and from OMERS Growth Equity. The company’s earlier investors include TCV, Bessemer Venture Partners and JMI Equity, Bloomberg Law reported.
“The legal industry has been behind many other industries in terms of the level of tech adoption relative to what’s possible,” said TCV principal Amol Helekar, explaining why his firm invested. “It’s transforming the practice of law for good.”
Clio, the operating name of Themis Solutions Inc., plans to use the new capital for growth, including hiring and acquisitions, according to founder and Chief Executive Officer Jack Newton. He said the company will also add new product lines.
The Canadian company has more than $100 million in annual recurring revenue, Newton said in an interview. Clio has a range of offerings for its law firm clients. It helps manage contacts, documents and billing.
Clio will be able to go public in the not-too-distant future, Newton said.
“We’re considering an IPO as an eventual outlook for the company,” he said, adding that a listing isn’t planned for 2021, Bloomberg Law said.