TRI - Thomson Reuters to acquire California-based Casetext for $650M

June, 27 2023 04:05 AM Thomson Reuters Corp

2023-06-27 04:05:06 ET

Thomson Reuters ( NYSE: TRI ) said on Monday it had agreed to acquire California-based Casetext, a Y Combinator-backed legal tech startup, in a $650 million all-cash deal.
The move will support Thomson Reuters' ( TRI ) current AI roadmap and advance recent initiatives.
Casetext was one of the few granted early access to OpenAI’s GPT-4 language model, which serves as the infrastructural backend for CoCounsel.
Last month, Thomson Reuters’ chief financial officer Michael Eastwood had said that the company planned to spend about $100 million a year to invest in artificial intelligence (AI), which would be separate from the news and information company’s merger and acquisition budget of about $10 billion from now to 2025.
The addition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters.
The deal is expected to close in the second half of 2023, subject to regulatory approvals and customary closing conditions.
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