Clio and Harvey, two fast-growing startups that sell software for legal professionals, have raised $1 billion in combined funding to expand their market presence.

On Monday, Clio, a 17-year-old Canadian law firm management software company, announced that it has agreed to acquire vLex, a 26-year-old legal data intelligence platform, in a $1 billion cash-and ...

Clio, which sells practice management software to small and medium-sized law firms, said Tuesday it would offer an in-house payment processing service to its 200,000 customers.