TORONTO, June 26,
2023 /CNW/ -- Thomson Reuters Corporation ("Thomson
Reuters") (NYSE / TSX: TRI), a global content and technology
company, today announced it has signed a definitive agreement to
acquire Casetext, a California-based provider of technology for
legal professionals, for $650 million
cash.
The proposed transaction will complement Thomson Reuters
existing AI roadmap and builds on its recent initiatives, including
a commitment to invest more than $100
million annually on AI capabilities, the development of new
generative AI experiences across its product suite, as well as a
new plugin with Microsoft and Microsoft 365 Copilot for legal
professionals.
Founded in 2013, Casetext uses advanced 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. Casetext employs 104
employees, and its customers include more than 10,000 law firms and
corporate legal departments.
Casetext was granted early access to OpenAI's GPT-4 large
language model, allowing it to develop solutions with the new
technology and refine use cases for legal professionals. Its key
products include 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.
"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. "We believe that Casetext
will accelerate and expand our market potential for these offerings
- revolutionizing the way professionals work, and the work they
do."
"For the last ten years, we have harnessed the power of AI to
build products that elevate the practice of law and enable
attorneys to serve more people's legal needs, with the ultimate
goal of increasing access to justice," said Jake Heller, CEO of Casetext. "Joining Thomson
Reuters is an incredible opportunity to advance our mission and the
field of generative AI solutions exponentially, not only for
lawyers but across professions, ensuring this revolutionary
technology can benefit as many people as possible."
Closing of the transaction is subject to specified regulatory
approvals and customary closing conditions and is anticipated to
occur in the second half of 2023.
Thomson Reuters will hold a conference call to discuss
additional details related to the proposed transaction on
Tuesday, June 27 at 9:00 AM EDT. A live webcast of the conference
call will be available on the Investor Relations section of
www.thomsonreuters.com.
Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) ("TR") informs the way forward
by bringing together the trusted content and technology that people
and organizations need to make the right decisions. The company
serves professionals across legal, tax, accounting, compliance,
government, and media. Its products combine highly specialized
software and insights to empower professionals with the data,
intelligence, and solutions needed to make informed decisions, and
to help institutions in their pursuit of justice, truth, and
transparency. Reuters, part of Thomson Reuters, is the world's
leading provider of trusted journalism and news. For more
information, visit tr.com.
Casetext
Casetext has led innovation in legal AI since 2013, applying
cutting-edge AI to the law to create solutions that enable
attorneys to provide higher-quality representation to more clients,
enhance efficiency and accuracy, and gain a competitive advantage.
In launching CoCounsel, the first-ever legal AI assistant, Casetext
ushered in a new era for legal technology. CoCounsel processes 2B+
words per day, automating critical, time-intensive tasks for
lawyers and expanding access to justice. For more information visit
www.casetext.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL
RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release are forward-looking,
including but not limited to the expected closing date for the
proposed transaction, and the strategic benefits of the proposed
transaction. The words "expect", "anticipate", "believe" and
similar expressions identify forward-looking statements. While the
company believes that it has a reasonable basis for making
forward-looking statements in this news release, they are not a
guarantee of future performance or outcomes and there is no
assurance that any of the other events described in any
forward-looking statement will materialize. Forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that could cause actual results or events to differ
materially from current expectations. Many of these risks,
uncertainties and assumptions are beyond our company's control and
the effects of them can be difficult to predict. You are cautioned
not to place undue reliance on forward-looking statements which
reflect expectations only as of the date of this news release.
Except as may be required by applicable law, Thomson Reuters
disclaims any obligation to update or revise any forward-looking
statements.
CONTACTS
|
MEDIA
Andrew Green
Senior Director,
Corporate Affairs
+1 332 219
1511
andrew.green@tr.com
|
INVESTORS
Gary E. Bisbee,
CFA
Head of Investor
Relations
+1 646 540
3249
gary.bisbee@tr.com
|
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SOURCE Thomson Reuters