Thomson Reuters has agreed to acquire Casetext, an AI-powered legal tech startup, for $650 million in cash.
Casetext, founded in 2013 and has raised over $64 million in funding from investors such as Union Square Ventures and Canvas Ventures. It has AI-powered products, such as CoCounsel, which helps lawyers with legal research and document review, and is expected to complement Thomson Reuters’ existing legal offerings and help the company expand its reach into new markets. The company has a customer base of over 10,000 law firms and corporate legal departments.
“The acquisition of Casetext is another step in our ‘build, partner and buy’ strategy to bring generative AI solutions to our customers,” said Steve Hasker, CEO of Thomson Reuters. “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 CEO Jake Heller said that the acquisition would allow the company to “advance our mission and the field of generative AI solutions exponentially, not only for lawyers but across professions.”
The deal is expected to close in the second half of 2023.
The sources for this piece include an article in Axios.