TORONTO, Aug. 17,
2023 /CNW/ -- Thomson Reuters Corporation ("Thomson
Reuters") (NYSE / TSX: TRI) announced today that it has closed
on its previously announced acquisition of Casetext, Inc.
("Casetext"), a provider of technology for legal professionals, for
a purchase price of $650 million in
cash.
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'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 document review, legal research memos, deposition
preparation, and contract analysis in minutes.
The acquisition supports Thomson Reuters 'build, partner and
buy' strategy to bring generative AI solutions to its customers and
the company's efforts to redefine the future of professionals
through applications of generative AI. Other recent developments
include Thomson Reuters commitment to invest $100 million-plus annually to integrate AI into
its flagship content and technology solutions, as well as its work
with Microsoft 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.
"Our company has a successful track record of fueling growth and
innovation through acquired businesses, partnerships and organic
investments. We are thrilled to welcome the Casetext team to
the Thomson Reuters family," said Steve
Hasker, president and CEO of Thomson Reuters. "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."
"Today marks an exciting day for Casetext employees and
customers alike," said Jake Heller,
CEO of Casetext. "Joining Thomson Reuters provides us with an
unparalleled opportunity to scale the Casetext vision and
accelerate breakthroughs for legal professionals. As we look to
unlock generative AI's full potential to drive greater
productivity, more impactful work and increased access to justice,
there could not be a better home for our brand, talent and
products."
About Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) 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 a world leading
provider of trusted journalism and news. For more information,
visit tr.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 statements regarding the expected
benefit of the transaction to Thomson Reuters' customers and
professionals generally . The words "expect", "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
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|
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MEDIA
Andrew
Green
Senior Director,
Corporate Affairs
+1 332 219
1511
andrew.green@tr.com
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INVESTORS
Gary Bisbee,
CFA
Head of Investor
Relations
+1 646 540
3249
gary.bisbee@tr.com
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SOURCE Thomson Reuters