Clio Announces Centaur Status, Joins Elusive $100M Club ARR

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The 2022 State of the Cloud Report, recently produced by Bessemer Venture Partners, cited enduring qualities of centaur businesses with product market fit, scalable GTM and growing customer base in changing market conditions. At a time when investors routinely apply significant multiple benefits to corporate valuations, Centaur Status offers a much more salient perspective on corporate valuations than the current public-scale corporate index.

This accolade underscores Clio’s global leadership in the legal industry’s growing adoption of cloud-based solutions as part of its digital transformation.

“Our centaur designation is just a lens to measure our success in the marketplace, but in the context of today’s tech economy, it signals much more,” said Jack Newton, CEO and Founder of Clio. “Our customers prioritize the stability and sustainability of their technology partners. With a wave of market volatility and consolidation occurring in this sector, Clio is the constant exception that our customers can count on throughout. that.”

Clio has led the digital transformation of the legal industry with its first-of-its-kind cloud-based legal software and approach to modern legal practice. In 2021, the company was also the first legal practice management platform to achieve unicorn status with a Series E funding rating from US. $1.6 billion.

Since then, Clio has grown its business and product investments, prioritizing its customers’ success with additional products and features that solve today’s problems and tomorrow’s customer expectations. Over the past six months, he has focused on the fundamentals of billing and payments, operational efficiency, and centralized client experiences to make life easier for legal professionals and their clients.

Product Innovation Highlights

  • Clio Payments: An all-new payment suite integrated with Clio Manage that enables the seamless collection of credit, debit and e-check payments and comes with full fee and reporting transparency.
  • ClioDrive: A virtual drive that allows legal professionals to easily create, access, edit, store and collaborate on documents from their desktop while keeping everything securely in Clio’s cloud.
  • Clio for Customers: A desktop and mobile accessible application from which lawyers and legal clients securely communicate, collaborate and share documents and case updates.
  • Outlook add-in: A redesigned connection between Clio Manage and Microsoft Outlook that makes it easy and easy to store, organize and access case-related email activities.
  • Clio Manage & Clio Grow integration: A new way to easily switch between solutions and seamlessly update contact and case details in real time.
  • Customization of the invoice: New ways to personalize invoices with payment-incentive personalization, generate them in multiple ways, and send them to customers through more intuitive workflows.
  • Lawyaw Court Forms Libraries: An expanded collection of digital court forms offerings that now includes 18 states.
  • HIPAA Compliance: Store and process protected health information in a HIPAA-compliant manner using Clio.

Company Highlights

  • Funding milestones: Raised $386 million in the capital since 2008, including one $250 million venture capital round, which was the largest for a Canadian company at the time in 2019, and a Series E round of $110 millionvaluing the company US$1.6 billion in 2021.
  • Social donations: given more than $40 million to social impact initiatives, including academic access for law students and COVID-19 legal aid programs.
  • Investment portfolio: Contributed to Proof’s $7 million Series A funding round led by Blue Heron Capital and LegalTech Fund through Clio Venturesas well as a $100,000 investment in Fidu as part of the last Launch//Code Developer Contest.
  • Award-winning customer support and security infrastructure: Set new standards with the fastest response times in the industry, 24/5 live product support, and a dedicated in-house cybersecurity team operating 24/7/365.
  • Employee growth and success: Increased ability to innovate quickly with the addition of more than 250 employees since January 2022 and five global offices have reopened in a flexible, remote and hybrid working model.
  • Executive Leadership: Expanded C-suite to support scaling Clio’s products and business with leaders from high-growth companies like Uber, Airbnb, Lightspeed, ACTIVE Network, Shopify and Zynga setting the tone for the next growth stage of Clio.
  • Main industry initiatives and events: Announced the 10th World Edition Clio Cloud Conferencewhich is now the busiest legal event in North America.

Recent Honors

  • Leader G2, Legal Practice Management, Spring 2022
  • Deloitte’s Best Managed Company, Gold Standard, 2022
  • from Canada Top Employer for Young People, 2022
  • BC’s Top Employer, 2022
  • Ireland Great Place to Work, 2022
  • from Canada Top 100 Employers, 2021
  • Fast Company’s World’s Most Innovative Companies, 2021

“Achieving Centaur status is a testament to what our customers already know best: Clio built for long-term success,” said Newton. “Building a sustainable century-old business requires financial discipline, an unwavering focus on the success of our customers, and the durability to withstand rapid market changes. We are extremely proud of this achievement, which is another milestone in Clio’s growth story..

About Clio

Clio is transforming the legal experience for everyone by creating the world’s best cloud-based technologies for law firms, to better connect lawyers and their clients throughout the legal process. Practices of all sizes and in all practice areas use Clio products—Clio Manage, Clio Growand Lawaw—to manage business operations, streamline billing and payments, automate legal documents, and improve the customer experience. Following his 250 million US dollars Series D financing, led by TCV and JMI Equity, and its USD 110m A Series E investment, led by T. Rowe Price Associates, Inc. and OMERS Growth Equity, Clio made history as the world’s first law firm management unicorn. Learn more about clio.com.

SOURCEClio

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