Among the world’s top 100 private cloud computing companies, two firms in the legal technology sector have made their mark, according to the Forbes Cloud 100 2024. This recognition highlights the growing influence of legal tech in the broader landscape of cloud-based services.
Featured prominently on this year’s list are Icertis, a provider of contract intelligence software, and Clio, which specializes in law practice management software. Icertis holds the 39th position, while Clio is ranked 56th, marking Clio’s debut on the list.
Icertis, according to Forbes, owns the largest collection of integrated contract datasets globally, comprising over two billion elements. This extensive dataset helps train the company’s artificial intelligence, contributing to its substantial annual recurring revenue, which has surpassed $250 million as of February 2024. The 2021 Series F funding round, which raised $80 million, valued the company at over $2.8 billion.
Clio serves more than 1100 mid-sized law firms and enjoys endorsements from over 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States. Forbes highlighted Clio’s recent $900 million Series F funding round, which valued the company at $3 billion.
The Forbes Cloud 100 list is compiled based on several factors, including market leadership, company valuation, operating metrics, and corporate culture. Selections are made in collaboration with Bessemer Venture Partners and Salesforce Ventures. Notably, Bessemer led Clio’s Series C financing round in 2014.
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