Thomson Reuters buys legal AI start-up Casetext for $650m

Thomson Reuters has entered into a definitive agreement to acquire artificial intelligence legal start-up Casetext for $650m in cash.

Here's What We Know

Casetext was founded in 2013. It initially aimed to create a community for lawyers to share knowledge and a service to provide users with free access to legal texts. Later, the company changed its focus, starting to use AI and big language models.

Casetext's flagship product is CoCounsel. The software uses artificial intelligence to review documents, assist in drafting legal briefs, prepare depositions and analyse contracts.

Casetext was one of the few companies to gain early access to the OpenAI GPT-4 language model.

According to the press release, Casetext has a client base of more than 10,000 law firms and corporate legal departments. The deal is expected to close in the second half of 2023, subject to regulatory approval.

Source: TechCrunch.