Thomson Reuters Corporation has finalized its acquisition of Casetext, Inc., a provider of AI-powered technology for legal professionals, in a $650 million cash transaction, a deal reported on earlier by HR Law Canada.
Casetext, founded in 2013, has been at the forefront of harnessing advanced AI and machine learning to create high-tech solutions aimed at streamlining legal processes for professionals.
Casetext, which has a clientele of more than 10,000 law firms and corporate legal departments, offers products such as CoCounsel. This AI legal assistant, driven by the GPT-4 engine, provides services ranging from document reviews and legal research memos to deposition preparations and contract analyses.
This acquisition aligns with Thomson Reuters’ overarching goal to incorporate generative AI solutions into its offerings, fundamentally transforming the professional landscape, it said in a press release.
A testament to this commitment is the corporation’s pledge to invest over $100 million annually in the infusion of AI into its premier content and technological solutions. Furthermore, in partnership Microsoft, Thomson Reuters is developing a novel plugin for Microsoft 365 Copilot.
This initiative will merge legal drafting solutions with renowned platforms like Westlaw, Practical Law, and Document Intelligence. Just last month, Thomson Reuters introduced a beta program, rolling out new generative AI capabilities in Westlaw for a select group of customers.
Steve Hasker, Thomson Reuters’ President and CEO, expressed his enthusiasm about the acquisition, stating, “With a rich history of fostering growth and innovation, we are elated to welcome Casetext into the Thomson Reuters family. Together, we’re poised to usher in a new era of generative AI applications, reshaping the way professionals operate.”
Jake Heller, CEO of Casetext, echoed the sentiment, saying, “This partnership with Thomson Reuters presents a golden opportunity to expand Casetext’s vision and foster groundbreaking solutions for legal professionals. It’s an exciting journey towards fully harnessing generative AI’s capabilities, ensuring heightened productivity and broadening the scope of justice.”
