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Big Law

Thomas Reuters Agrees to Acquire Legal AI Firm Casetext in a $650 Million Deal

Thomson Reuters said on Monday it had agreed to acquire Casetext, a legal startup with an artificial intelligence-powered assistant for law professionals, in a $650 million all-cash deal.

Thomson Reuters’ chief financial officer, Michael Eastwood, had said last month 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 till 2025.

One of Casetext’s key products is CoCounsel, an AI legal assistant launched in 2023 and powered by GPT-4 that delivers document review, legal research memos, deposition preparation, and contract analysis in minutes, Thomson Reuters said in a statement.

Read the source article at reuters.com

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