27 June (Reuters) – Thomson Reuters (TRI.TO) will buy legal startup Casetext on Monday in a $650 million all-cash deal that provides legal assistants powered by artificial intelligence announced that it had agreed to
Thomson Reuters chief financial officer Michael Eastwood said last month that the company plans to spend about $100 million a year on investments in artificial intelligence (AI), with a news and information company merger and acquisition budget of about $50. He said it would be separate from the 100 million yen. From now he will make $10 billion by 2025.
One of Casetext’s flagship products is CoCounsel, a GPT-4-powered AI legal assistant, launching in 2023, for document reviews, legal investigative notes, deposition preparation and contract analysis in minutes. Thomson Reuters said in a statement.
Casetext was granted early access to OpenAI’s GPT-4 large-scale language model, allowing it to develop solutions using new technologies and refine use cases for legal professionals, he added.
Based in California, Casetext employs 104 people and its clients include over 10,000 law firms and corporate legal departments.
Thomson Reuters President and CEO Steve Hasker said the Casetext acquisition is another step in bringing generative AI solutions to customers.
Generative AI is a type of artificial intelligence that generates new content or data in response to user prompts or questions.
The transaction is expected to close in the second half of 2023, subject to certain regulatory approvals and customary closing conditions.
Reported by Mr. Bharat Govind Gautam in Bangalore.Editing: Rashmi Aichi
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