mergers and acquisitions

 

Clio, which has grown to be a leader in the cloud-based practice management space, is now taking a cue from other legal technology companies eager to undertake the next phase of growth: diving into mergers and acquisitions.

On October 4, during the company's Clio Cloud Conference, Clio announced the acquisition of Lexicata, a software company specializing in legal client intake and client relationship management (CRM). The acquisition will allow Clio to expand its product offering into what it calls “an end-to-end solution that streamlines the client journey for law firms.”

In the press release announcing the deal, Clio said it plans to expand Lexicata into “a more advanced client engagement platform” called Clio Grow, which will launch in early 2019. This platform is part of Clio's plan to integrate practice management, CRM, and client intake under one banner.

The two companies are already familiar with one another—Lexicata reports that half of its user base was already using Clio, making the integration of the two technologies a natural fit. Indeed, Michael Chasin, CEO of Lexicata, said in a release that he viewed the deal as a “natural progression of everything we've built so far.”

He added, “Clio has always been the leader in practice management, while we've focused on client intake. We have long shared Clio's core vision for improving the legal industry, as well as Clio's innovation-embracing values.”

The ultimate goal for the combined company looks to be streamlined practice management and increased insight into the full client intake process. Clio's release states that following Lexicata's expansion into the Clio Grow solution, “firms will know where leads come from and what actions are required to convert them to clients. By streamlining the client acquisition process and measuring the ROI on firm marketing, Clio Grow will help firms increase their total business revenue.”

The acquisition is part of a continued effort to grow an ecosystem around Clio's platform. The company announced 20 new integration partners in March, bringing its total to 90 total integrations at that time. In addition, the company has forged new partnerships with companies like on-demand legal service provider Lawclerk in an aim to extend its reach.

Legaltech News reporter Victoria Hudgins is at Clio Cloud Conference and will report more on this and other insights from New Orleans as they are known.