William Blair acted as the exclusive financial advisor to Clio in connection with its $900 million Series F investment round led by New Enterprise Associates (NEA), at a $3.0 billion valuation. The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, T. Rowe Price, and OMERS Growth Equity. The NEA-led investment marks the largest capital raise and highest equity value for a cloud-native legal technology provider in history. The transaction closed in July 2024 and represents William Blair’s 4th LegalTech deal of 2024 and 20th in the past five years.
About the Companies
Since its inception in 2008, Clio has revolutionized the landscape of legal technology, emerging as the undisputed leader of innovation and integration. As the operating system for law firms, powering every aspect of the legal process, Clio’s cloud-based practice management system enables customers to automate their workflows every step of the way with premier and vast functionality in client intake, cases, billings, payments, documents, filing, accounting, AI, and more. The company is trusted by over 150,000 legal professionals across 130+ countries to handle their legal software needs. With more than 250 legal technology software integrations, Clio is also the world’s largest and preeminent legal technology platform, endorsed by more than 100 law societies and bar associations worldwide.
NEA is a global investment firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of December 31, 2023, and invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions.
NEA’s dedicated $3.2 billion growth fund aims to back high-growth, market-leading companies generating over $25 to $50 million in revenue. NEA’s growth investing practice has a flexible mandate, can invest $50 to $300 million or more, and seeks to tailor transactions to align with a company’s long-term goals, including minority investments to fuel growth, majority buyouts, recapitalizations, and more.
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