Two Legal Tech Companies Make Forbes ‘Cloud 100’

By Bob Ambrogi on August 6, 2024

Among the world’s top 100 private cloud computing companies are two in the legal tech sector, according to Forbes Cloud 100 2024.

Included on this year’s list are Icertis, a company that provides contract intelligence software, which is ranked 39th, and Clio, a provider of law practice management software, which ranked at 56th. This is Clio’s first time on the list.

Of Icertis, Forbes said: “It claims to own the largest collection of integrated contract datasets in the world, with more than two billion elements that help to train its AI. As a result, its annual recurring revenue surpassed $250 million as of February 2024.” Forbes noted that an $80 million Series F funding round in 2021 valued Icertis at over $2.8 billion.

Regarding Clio, Forbes said: “Clio serves more than 1100 mid-sized firms and is endorsed by more than 100 law societies and bar associations worldwide – including all 50 state bar associations in the United States.” Forbes noted Clio’s recent $900 million Series F funding round at a $3 billion valuation.

Among the factors considered in compiling the list are market leadership, company valuation, operating metrics, and people and culture.

Selections are made by Forbes in collaboration with Bessemer Venture Partners and Salesforce Ventures. Note that Bessemer led Clio’s 2014 Series C financing round.