Tuesday, June 27, 2023

Media: "Thomson Reuters Adds to AI Stable With $650M Casetext Deal"

From PYMNTS.com, June 27:

Thomson Reuters has acquired artificial intelligence (AI)-powered legal startup Casetext for $650 million.

The Canadian multinational — whose businesses include news organization Reuters and legal research platform Westlawannounced the deal late Monday (June 26), saying it would add to its existing AI initiatives.

It's also happening amid a wave of recent acquisitions aiming to capture the rising popularity of generative AI.

“The acquisition of Casetext is another step in our ‘build, partner and buy’ strategy to bring generative AI solutions to our customers,” Thomson Reuters President and CEO Steve Hasker said in a news release. “We believe that Casetext will accelerate and expand our market potential for these offerings — revolutionizing the way professionals work, and the work they do.”

Casetext, founded in 2013, uses AI and machine learning to create technology for legal professionals. According to the release, the company received early access to OpenAI's GPT-4 large language model, which powers CoCounsel, its recently-launched “AI legal assistant.”....