Source: Thomson Reuters Corp.
  • Thomson Reuters (TSX:TRI) has closed its acquisition of Casetext Inc., a technology provider for legal professionals, for $650 million
  • Casetext uses AI and machine learning to build technology for legal professionals, creating solutions that help them work more efficiently and provide higher-quality representation to more clients
  • Other recent developments by Thomson Reuters include a $100 million-plus annual investment to integrate AI into its flagship content and technology solutions
  • Thomson Reuters Corp. opened trading at C$173.97 per share

Thomson Reuters (TSX:TRI) has closed its acquisition of Casetext Inc., a technology provider for legal professionals, for $650 million.

Casetext uses artificial intelligence and machine learning to build technology for legal professionals, creating solutions that help them work more efficiently and provide higher-quality representation to more clients.

Casetext’s customers include more than 10,000 law firms and corporate legal departments. Its key products include CoCounsel, an AI legal assistant powered by GPT-4 that delivers immediate document review, legal research memos, deposition preparation and contract analysis.

Thomson Reuters President and CEO Steve Hasker said in a news release that this is a part of his company’s strategy to “build, partner and buy.”

“Together, we will accelerate breakthroughs in generative AI for the benefit of our customers and markets. We believe this will revolutionize the way professionals work, and the work that they do,” Hasker said in a statement.

The company has been targeting generative AI firms to enhance its portfolio in this space.

Other recent developments include a $100 million-plus annual investment to integrate AI into its flagship content and technology solutions, as well as its work with Microsoft Corp. (NASDAQ:MSFT) for a new plugin with Microsoft 365 Copilot, with the two companies collaborating on a legal drafting solution that leverages Westlaw, Practical Law and Document Intelligence. In July, Thomson Reuters also launched a beta program to pilot new generative AI capabilities in Westlaw with select customers.

Thomson Reuters Corp. provides business information services. Reuters News supplies business, financial and global news to media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG, a global financial markets infrastructure and data provider.

Thomson Reuters Corp. stock is up 16.0 per cent since this time last year and opened trading at C$173.97 per share.

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