Oakley Capital agrees sale of vLex to Clio

30 June 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

Oakley Capital Investments Limited

Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Origin Fund2 ("Origin") has agreed to sell legaltech platform vLex to Clio, a global leader in legal technology.

The value premium on the transaction is equivalent to a c.25 pence NAV per share increase, representing a c.4% uplift in the NAV as at 31 March 2025. As part of the transaction, Origin is partially reinvesting in the combined business.

OCI's look-through share of proceeds, excluding underlying shares in Clio, is anticipated to be c.£30 million.

Further details on the transaction can be found in the below announcement from Oakley Capital3.

Oakley Capital agrees sale of legaltech platform vLex to Clio

Oakley Capital, a leading pan-European private equity investor, is pleased to announce that Oakley Capital Origin Fund ("Origin") has agreed to sell legaltech platform vLex to Clio, a global leader in legal technology headquartered in Vancouver, Canada. The transaction values vLex at US$1 billion, making vLex one of the few Spanish technology start-ups to reach unicorn status.

As part of the transaction, Origin is partially reinvesting in the combined business alongside vLex's founders, in order to benefit from expected future growth.

Oakley invested in vLex in September 2022 in order to support the development of its AI capabilities and accelerate the internationalisation of the business. Oakley worked with the company's founders Lluís and Angel Faus to expand in the US through the strategic acquisition of Fastcase, which helped double vLex's revenues. In 2024 vLex launched Vincent, the company's AI-powered legal workflow platform. vLex's business has now transformed from a research database business into a powerful software platform, with legal workflows backed by unmatched proprietary datasets. Today, the company serves the majority of the Am Law 100, a ranking of the largest law firms in America.

Clio is the world's leading provider of legal technology, serving law firms of all sizes across the globe. Built to power the entire legal workflow, Clio's platform includes solutions for client intake, case management, billing, payments, e-filing, and AI-powered productivity. Trusted by over 200,000 legal professionals in 130+ countries, Clio is redefining how law firms operate and deliver client-centred services in a digital-first era.

The combination of the two businesses brings together Clio and vLex's respective strengths in the business and practise of law to deliver an integrated platform for legal customers, with significant cross and up-selling opportunities as law firms accelerate their adoption of digital solutions. 

Oakley Capital Managing Partner and Co-Founder Peter Dubens said: "Oakley specialises in working with and supporting great founders, and Lluís and Angel have proven to be just that. They identified the opportunity to develop an intelligence platform for lawyers and introduced their product to a global audience. We're proud of the role Oakley has played in building vLex into a strategic business for the legal industry. We now look forward to the next stage of vLex's growth in partnership with Clio."

vLex CEO and Co-Founder Lluís Faus said: "In just three years, vLex has transformed from a European legal software business into a global innovator that is helping to shape the future of law. From establishing a significant market presence in the US, to completing a transformative acquisition, and then launching a transformational AI tool, we're grateful for the support Oakley has shown us every step of the way. We look forward to joining forces with Jack and his team as we build the next reference point in AI-powered legaltech."

Clio CEO and Founder Jack Newton said: "This acquisition marks a watershed moment in legal technology. The transformative union of legal research, practice management, and cutting-edge AI creates a category-shifting platform that brings together the business and practice of law. Together, Clio and vLex are reshaping how legal work is done - and what the future of the profession will be."

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

Notes:

LEI Number: 213800KW6MZUK12CQ815

1 About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

The contents of the OCI website are not incorporated into, and do not form part of, this announcement.

2 The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and Oakley Capital Origin II are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Oakley family of funds also includes Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.

3 Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.