Thomson Reuters acquires Casetext for $650million

Thomson Reuters Corporation, a global content and technology company, has announced the acquisition of Casetext, a California-based technology provider for legal professionals, for a total of $650 million in cash. The transaction aligns with Thomson Reuters' strategy to enhance its AI capabilities, furthering a commitment to invest over $100 million annually in AI and developing new generative AI experiences, including a collaboration with Microsoft for legal professionals.

Founded in 2013, Casetext specializes in using advanced AI and machine learning to create efficient, high-quality legal solutions. The company, with a workforce of 104, serves over 10,000 law firms and corporate legal departments. Notably, Casetext had early access to OpenAI's GPT-4, leading to innovative products like CoCounsel, an AI legal assistant launched in 2023.

Steve Hasker, President and CEO of Thomson Reuters, highlighted the acquisition as a key step in their strategy to introduce generative AI solutions. Jake Heller, CEO of Casetext, emphasized the merger's potential to exponentially advance their mission in generative AI, benefiting various professions.

The completion of the deal is dependent on regulatory approvals and customary closing conditions, expected in the latter half of 2023.

Deal Type

Merger & Acquisition

Industry

Other

Transaction

$ 650,000,000

Deal Status

Closed

Closing Date

17 August 2023