Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Clio is crossing into front-office legal AI through its $1B acquisition of vLex.</li><li>Accelerating growth dramatically in 2025 to 84% YoY from 35% YoY in 2024.</li><li>Compare Clio at a $5B valuation and 12.5x multiple on $400M ARR in its $500M Series G in November 2025.</li></ul>

Clio is crossing into front-office legal AI through its $1B acquisition of vLex.Accelerating growth dramatically in 2025 to 84% YoY from 35% YoY in 2024.Compare Clio at a $5B valuation and 12.5x multiple on $400M ARR in its $500M Series G in November 2025.

<ul><li>Sacra estimates Clio hit $500M in annual recurring revenue in April 2026, up from about $433M at the end of 2025.</li><li>The company has maintained profitability (EBITDA positive) while more than doubling ARR over just two years.</li><li>In June 2025, Clio signed a definitive agreement to acquire vLex for $1B, adding over 1 billion primary law documents and a GPT-based research assistant to its platform.</li></ul>

Sacra estimates Clio hit $500M in annual recurring revenue in April 2026, up from about $433M at the end of 2025.The company has maintained profitability (EBITDA positive) while more than doubling ARR over just two years.In June 2025, Clio signed a definitive agreement to acquire vLex for $1B, adding over 1 billion primary law documents and a GPT-based research assistant to its platform.

<ul><li>Clio&#39;s $1B acquisition of vLex gives it the #3 legal research corpus behind only Westlaw ($2.9B revenue) and LexisNexis ($1.9B revenue)—with 1B+ cases from 200+ jurisdictions plus citations and annotations—enabling it to vertically integrate its AI assistant with the underlying data layer vs. relying on Lexis &amp; Westlaw 3rd party APIs.</li><li>Clio&#39;s opportunity lies in going upmarket from SMB to enterprise, expanding from practice management to legal research (Westlaw &amp; LexisNexis), and then crossing over from its core law firm customer to corporate in-house teams to eat up contract lifecycle management.</li><li>Clio&#39;s success with a multi-product strategy comes from staying relentlessly focused on solving the real challenges lawyers face.</li></ul>

Clio&#39;s $1B acquisition of vLex gives it the #3 legal research corpus behind only Westlaw ($2.9B revenue) and LexisNexis ($1.9B revenue)—with 1B+ cases from 200+ jurisdictions plus citations and annotations—enabling it to vertically integrate its AI assistant with the underlying data layer vs. relying on Lexis &amp; Westlaw 3rd party APIs.Clio&#39;s opportunity lies in going upmarket from SMB to enterprise, expanding from practice management to legal research (Westlaw &amp; LexisNexis), and then crossing over from its core law firm customer to corporate in-house teams to eat up contract lifecycle management.Clio&#39;s success with a multi-product strategy comes from staying relentlessly focused on solving the real challenges lawyers face.

Shubham Datta, VP Of Corporate Development At Clio, On Clio's $1B Acquisition Of vLex

<ul><li>Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.</li><li>Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.</li><li>With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.</li></ul>

Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.

<ul><li>Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

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Software suite for law firms to manage cases, clients, documents, and billing

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Shubham Datta, VP Of Corporate Development At Clio, On Clio's $1B Acquisition Of vLex

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