Vlex, the startup that has created “the chatgpt of lawyers”

Oakley Capital has sold Vlexthe Spanish legal platform, to the Canadian Clio for more than 1,000 million dollars, according to Expansion.

This operation makes the company founded by the FAUS brothers a quarter of a century ago in the sixth active Spanish unicorn.

Why is it important. This sale represents the greatest success of Oakley Capital in Spain and confirms the unstoppable boom in the sector LegalTech.

The valuation involves multiplying the VLEX value in less than three years, since Oakley bought it for 70 million At the end of 2022.

In detail. Vlex operates as the “chatgpt of lawyers”:

• It offers access to more than 1,000 million legal documents from one hundred countries through its AI ‘assistantVincent ai‘.
• Its 2.8 million users include from Harvard Law School to Legal Deloitte.
• Every day incorporates 350,000 new documents to its platform.

Oakley Capital, the British manager who in Spain controls idealistic and has invested in Seedgdemonstrated its smell to detect opportunities before boom. When it was done with VLEX control, the company barely generated five million Ebitda.

Between the lines. He Timing Oakley has been impeccable: he invested just before the generative AI put the world up, including the legal sector.

The pandemia had already accelerated the digitalization of the offices that were still behind, but Chatgpt changed the story. And tools like Vincent ai ceased to be a curiosity, something complementary, to become fundamental.

The threat. For its rivals, this operation is a turning point. Cliovalued at 3,000 million and backed by Goldman Sachs, has suddenly been made with the largest digitalized legal library in the world. The consolidation of the sector accelerates.

Deepen. The ecosystem LegalTech It continues to attract a lot of money in investments. The best example is Harvey, American competitor from Vincent AI. It was valued at 5,000 million A few weeks ago, when he got heavyweight as investors such as OpenAi or Capital Sequoia.

And there is Vlex, demonstrating that Spain is able to compete in the First Technological Division. Not in fundamental models, but in more specialized products, more than niche. Like the new unicorn.

In Xataka | Spain is no longer the ugly duckling of the European technological ecosystem. Now has the opposite problem

Outstanding image | Vlex, Mockuuups Studio