Thomson Reuters Acquires AI Legal Tech Startup Casetext for a Whopping $650M Cash Deal

June 27 2023
Thomson Reuters has agreed to acquire AI-powered legal tech startup Casetext for $650 million in cash, with the deal expected to close in H2 2023, pending regulatory approval. Casetext, which has over 10,000 law firms and corporate legal departments as customers, utilizes AI and machine learning to build automated workflows and tools for legal teams through its flagship product, CoCounsel. The acquisition is part of Thomson Reuters’ long-term strategy to embed generative AI across its business verticals, aiming to spend $100 million annually on AI and set aside $10 billion for AI-focused M&A by 2025.
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What does it mean?

  • Machine learning: a subfield of artificial intelligence that enables computer systems to learn and improve from their experiences without being explicitly programmed.
  • Automated workflows: systems or processes designed to automatically execute a series of tasks, reducing the need for human intervention.
  • Business verticals: specific industries or market segments that a company operates in. M&A: mergers and acquisitions, which are transactions in which companies combine with or purchase other companies to strengthen their business operations.
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