Thomson Reuters Officially Acquires Casetext for $650 Million as Deal Closes
In addition to confirming that the deal had officially closed, Thomson Reuters also indicated that it is collaborating with Casetext "on a legal drafting solution that leverages Westlaw, Practical Law and Document Intelligence."
August 17, 2023 at 10:47 AM
4 minute read
Mergers and Acquisitions
The original version of this story was published on Legal Tech News
On Thursday, Thomson Reuters' acquisition of legal research company Casetext for $650 million in cash became official, according to a press release. The definitive agreement for the acquisition, pending regulatory approval, was announced in late June.
"The acquisition supports Thomson Reuters 'build, partner and buy' strategy to bring generative AI solutions to its customers and the company's efforts to redefine the future of professionals through applications of generative AI," the release stated. "Our company has a successful track record of fueling growth and innovation through acquired businesses, partnerships and organic investments. We are thrilled to welcome the Casetext team to the Thomson Reuters family," said Steve Hasker, president and CEO of TR, in the press release.
At the time the definitive agreement was announced, Thomson Reuters (TR) committed to "invest[ing] more than $100 million annually on AI capabilities." It also stated that it intended to continue developing new generative AI features across its product suite, as well as creating a new plugin with Microsoft and Microsoft 365 Copilot for legal professionals. In the latest press release, TR also indicated that it is collaborating with Casetext "on a legal drafting solution that leverages Westlaw, Practical Law and Document Intelligence."
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