Casetext Acquired by Thomson Reuters in $650 Million Deal

Casetext's acquisition by Thomson Reuters was a significant deal, valued at $650 million.

This massive investment is a testament to the potential of Casetext's AI-powered legal research platform.

Casetext's platform has been making waves in the legal industry with its ability to quickly and accurately analyze large volumes of case law.

The acquisition will undoubtedly accelerate Casetext's growth and expansion into new markets.

Thomson Reuters has agreed to acquire Casetext, a legal tech startup, for $650 million in cash.

The deal is expected to close in the second half of 2023, subject to regulatory approvals and customary closing conditions.

Thomson Reuters plans to integrate Casetext's technology into its products, including its legal business, to bring generative AI solutions to its customers.

Casetext's flagship product, CoCounsel, uses AI to review documents, help with legal research memos, prepare depositions, and analyze contracts.

The company has a customer base exceeding 10,000 law firms and corporate legal departments.

Thomson Reuters will invest more than $100 million each year in generative AI, and has set aside $10 billion for mergers and acquisitions from now until 2025.

Casetext was founded in 2013 and has about 104 employees, according to a press release.

The company launched the legal AI assistant CoCounsel in March, developed in a partnership with OpenAI and trained on the latest version of its GPT large language model.

Thomson Reuters' CEO, Steve Hasker, believes that Casetext will accelerate and expand the company's market potential for generative AI offerings.

Casetext's CEO, Jake Heller, has said that his company has "harnessed the power of AI" for 10 years to assist attorneys with the ultimate goal of increasing access to justice.

The demand for solutions at the nexus of AI and legal is growing rapidly, with the market value for legaltech hitting nearly $30B last year.

Casetext's mission to increase access to justice is a noble one, and they've been working towards it for ten years, harnessing the power of AI to build products that elevate the practice of law.

The proposed transaction with Thomson Reuters will help advance Casetext's mission exponentially, not only for lawyers but across professions.

Thomson Reuters has already made significant commitments to AI capabilities, investing more than $100 million annually and developing new generative AI experiences across its product suite.

This partnership will also bring new capabilities to legal professionals, with a new plugin with Microsoft and Microsoft 365 Copilot in the works.