Thomson Reuters To Acquire Casetext For $650 Mln In Cash

(RTTNews) - Thomson Reuters Corp. (TRI,TRI.TO) agreed to acquire Casetext, a California-based provider of technology for legal professionals, for $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 employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments.

The company noted that the proposed transaction will complement its existing AI roadmap and builds on its recent initiatives, including a commitment to invest more than $100 million annually on AI capabilities.

Thomson Reuters expects to close the transaction in the second half of 2023.