Thomson Reuters buys legal AI technology company Casetext for $650 million
TORONTO – Thomson Reuters Corp. has signed an agreement to buy Casetext, which uses advanced artificial intelligence and machine learning to build technology for lawyers.
It will pay $650 million in cash for the California-based company.
Casetext’s key products include CoCounsel, an AI legal assistant launched earlier this year and powered by GPT-4.
Thomson Reuters CEO Steve Hasker says the acquisition of Casetext is another step in the company’s “build, partner and buy” strategy to bring generative AI solutions to its customers.
The deal is subject to regulatory approvals and customary closing conditions.
It is expected to close in the second half of this year.
This report from The Canadian Press was first published on June 27, 2023.
Companies in this story: (TSX:TRI)
