2023-06-27 04:05:06 ET
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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.
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The move will support Thomson Reuters' ( TRI ) current AI roadmap and advance recent initiatives.
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Casetext was one of the few granted early access to OpenAI’s GPT-4 language model, which serves as the infrastructural backend for CoCounsel.
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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.
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The addition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters.
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The deal is expected to close in the second half of 2023, subject to regulatory approvals and customary closing conditions.
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Thomson Reuters to acquire California-based Casetext for $650M