Thomson Reuters buying legal AI technology firm Casetext for US$650 million

TORONTO – Thomson Reuters Corp. has signed a deal to buy Casetext, which uses advanced artificial intelligence and machine learning to build technology for lawyers.

It is paying US$650 million in cash for the California-based company.

Casetext’s key products include CoCounsel, an AI legal assistant that launched earlier this year that is 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 by The Canadian Press was first published June 27, 2023.

Companies in this story: (TSX:TRI)