Oakley Capital Investments Ltd on Monday noted Oakley Capital Origin Fund has agreed to sell legaltech platform vLex to Clio, a Burnaby, British Columbia, Canada-based provider of legal technology.
Oakley Capital Investments, a provider of access to private equity funds managed by investment adviser Oakley Capital Ltd, said its look-through share of proceeds, excluding underlying shares in Clio, is expected to be around £30 million.
The agreement between Oakley Capital Origin Fund and Clio values vLex at $1 billion.
Oakley Capital said: ‘The combination of the two businesses brings together Clio and vLex’s respective strengths in the business and practise of law to deliver an integrated platform for legal customers, with significant cross and up-selling opportunities as law firms accelerate their adoption of digital solutions.’
Clio Chief Executive Officer & Founder Jack Newton said: ‘This acquisition marks a watershed moment in legal technology. The transformative union of legal research, practice management, and cutting-edge artificial intelligence creates a category-shifting platform that brings together the business and practice of law. Together, Clio and vLex are reshaping how legal work is done - and what the future of the profession will be.’
Oakley Capital shares rose 2.4% to 510.00 pence each on Monday afternoon in London, giving it a market capitalisation of £876.6 million.
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