Thomson Reuters Corporation (NYSE / TSX: TRI) announced today that it has closed on its previously announced acquisition of Casetext, Inc., a California-based provider of technology for legal professionals, for a purchase price of $650m in cash.
The acquisition supports Thomson Reuters’ ‘build, partner and buy’ strategy to bring generative AI solutions to its customers. The company recently committed to invest $100m-plus annually to integrate AI into its flagship content and technology solutions, as well as announced its work with Microsoft for a new plugin with Microsoft 365 Copilot, with the two companies collaborating on a legal drafting solution that leverages Westlaw, Practical Law and Document Intelligence. In July, Thomson Reuters also launched a beta program to pilot new generative AI capabilities in Westlaw with select customers. Founded in 2013 and led by Jake Heller, CEO, Casetext uses advanced AI and machine learning to build technology for legal professionals, creating solutions that help them work efficiently and provide high-quality representation to more clients. Its key products include CoCounsel, an AI legal assistant powered by GPT-4 that delivers document review, legal research memos, deposition preparation, and contract analysis in minutes. Customers include more than 10,000 law firms and corporate legal departments. 17/08/2023
