Thomson Reuters to Acquire Casetext for $650 Million Cash
"The acquisition of Casetext is another step in our 'build, partner and buy' strategy to bring generative AI solutions to our customers," said Steve Hasker, president and CEO of Thomson Reuters, in the press release.
June 26, 2023 at 10:09 PM
6 minute read
Mergers and Acquisitions
The original version of this story was published on Legal Tech News
On Monday, Thomson Reuters announced that it had signed a definitive agreement to acquire legal research company Casetext for $650 million in cash. The agreement also includes "a commitment [by Thomson Reuters] to invest more than $100 million annually on AI capabilities," the press release stated. It also indicated Thomson Reuters' intent to continue development of new generative AI features across its product suite, as well as create a new plugin with Microsoft and Microsoft 365 Copilot for legal professionals.
In March, Casetext launched the AI legal assistant CoCounsel, which handles tasks related to document review, legal research, contract analysis and more. A couple weeks later, Casetext confirmed that CoCounsel was built using OpenAI's GPT-4 large language model, becoming the first legal tech company to publicly announce the use of OpenAI's most advanced model to date in its product offerings.
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