The AI Gold Rush continues.
Thomson Reuters Corporation has signed a definitive agreement to acquire legal tech research challenger Casetext for $650m cash. Casetext were very quick to announce the integration of generative AI a few months after ChatGPT stormed the world stage.
Founded by CEO Jake Heller in 2013 with a view to democratising legal research, Casetext uses AI and machine learning to help legal professionals conduct research and compose legal documents more quickly. Casetext employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments.
The proposed transaction is said to 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.