On Monday, Cleao, a 17 -year -old company of Canada’s law firm management software, announced that it had agreed to acquire a $ 1 billion cash and stock deal with the 26 -year -old legal data intelligence platform, Wilx.
The announcement was made a year after Cleau’s large -scale 900 million funding rounds, which doubled the company’s Vancouver in British Columbia from $ 1.6 billion to $ 3 billion in 2021.
According to Cleau’s CEO and founder Jack Newton, Welix, which was widely bothered, was purchased by a private equity firm Okley Capital in 2022, a highly desired asset.
Harvey, AI-local legal tech startups tried to buy Walex a year ago, but did not come together to achieve, As reported by information Last July.
Wellex is a valuable property because its legal document database can greatly improve the AI ​​model for lawyers.
“Statistics is one of a long -term defense competitive ditch that can keep the company into space,” Newton told Tech Crunch.
Wilx Thomson competes with a legal database and lexinsis owned by Reuters. The acquisition happened immediately after the Harvey announcement Contributions with lexicinexHarvey’s AI has to be rich in lexins.
With the acquisition of Welix, Kleiu, which provides law firms, to tools for timely tracking, invoices, and electronic payment, is now stepping effectively in the process of law.
Over the past few years, Wilx has built Vincent, an AI model built on the company’s legal content database.
“AI has historically been different types of software: the business of law and the law,” said Newton. He added that in the small and medium law firm class, the clients of Kaliu will now have access to Vincent’s AI capabilities.
In addition to announcing the Welix acquisition plans, Cleo said it has reached $ 300 million in repeated revenue (ARR) annually.