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Exit for Acton: US$250 million for LegalTech Clio from TCV and JMI

8. Septem­ber 2019

Vancouver/Dublin/Munich — Clio, the world’s leading provi­der of a cloud-based SaaS plat­form for lawy­ers and law firms, has closed one of the largest funding rounds in the Legal­Tech sector and in Cana­dian history. The tech­no­logy and soft­ware inves­tors JMI Equity and TCV (inclu­ding Airbnb, Expe­dia, Face­book, Flix­Bus, Spotify) from Cali­for­nia, USA inves­ted US$ 250 million in a Series D round for further growth. Acton Capi­tal has been a key suppor­ter of Clio since 2012 and has now sold its stake as part of the transaction.

As an inte­gra­ted, cloud-based SaaS plat­form, Clio hand­les the essen­tial admi­nis­tra­tive tasks for lawy­ers and law firms. As a digi­tiz­a­tion driver in the indus­try, Clio offers an alter­na­tive to expen­sive, outda­ted and time-consuming client-server solu­ti­ons for now more than 150,000 lawy­ers world­wide. This allows users to focus enti­rely on serving their clients, ther­eby incre­a­sing attor­ney produc­ti­vity and impro­ving access to legal advice.

Clio was foun­ded in 2008 by Jack Newton and Rian Gauvreau in Vancou­ver, BC, and has been backed to date by venture capi­tal inves­tors inclu­ding Acton Capi­tal and Besse­mer Venture Part­ners with funding tota­ling US$26 million. Clio now employs more than 400 people at loca­ti­ons in Vancou­ver, Calgary, Toronto, Los Ange­les and Dublin. Clio will invest the new capi­tal in the global expan­sion of its plat­form and thus in the imple­men­ta­tion of the foun­ders’ vision of reali­zing custo­mer orien­ta­tion in legal advice as well.

Chris­toph Braun, Mana­ging Part­ner at Acton Capi­tal: “Since our first invest­ment in 2012, Clio’s success has always been based on the clear long-term vision of its foun­ders and a client-centric product stra­tegy. Today, Clio is the leading inter­na­tio­nal Legal­Tech company in the world, enab­ling its custo­mers to spend more time on behalf of their clients. We are proud to have been able to support Clio on its way to beco­m­ing the market leader.”

About Clio
Clio provi­des a cloud-based soft­­ware-as-a-service (SaaS) plat­form for lawy­ers and law firms world­wide. Clio hand­les key admi­nis­tra­tive and manage­ment tasks, such as client intake, CRM, billing, time tracking and docu­men­ta­tion, to allow its now 150,000+ clients more time to serve their clients. With initia­ti­ves such as the Legal Trends Report or the Clio Cloud Confe­rence in San Diego, the company is one of the digi­tiz­a­tion drivers in the indus­try. Clio employs over 400 people at loca­ti­ons in Canada, the U.S. and Europe and has recei­ved nume­rous awards as an inno­va­tion leader and employer (e.g. Canada’s Best Mana­ged Compa­nies, Deloitte Fast 50 and Fast 500 company, Company of the Year, Anchor Success by the British Colum­bia Tech Asso­cia­tion). Details at clio.com.

About Acton Capital
Acton Capi­tal Part­ners is an inter­na­tio­nal growth inves­tor based in Munich. Since 1999, the team has success­fully inves­ted in digi­tal pioneers in Europe and North America. The invest­ment focus is on scala­ble busi­ness models from the areas of Future of Work, digi­tal market­pla­ces and plat­forms, ecom­merce, FinTech and soft­­ware-as-a-service. Some of the best known invest­ments include Alando, Home­Togo, Etsy, iwoca and Alpha­Sights, details on actoncapital.com.

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