June 26 (twenty-six) 2017 A.D. ESAT News :- Thomson Reuters Corporation (TRI.TO) announced that it has agreed to fully acquire Cassetext, a California-based technology solutions provider for legal professionals, for $650 million.
Thomson Reuters Chief Financial Officer Michael Eastwood said last month that the company plans to spend about $100 million a year investing in artificial intelligence (AI), which is separate from the news and information company’s mergers and acquisitions (M&A) budget. Around $10 billion between now and 2025.
Casetext employs 104 people and its customers include more than 10,000 law firms and corporate legal departments, Thomson Reuters said on Monday.
Steve Hacker, president and CEO of Thomson Reuters, said the acquisition of Casetext is another step in bringing generative AI solutions to clients.
Casetext is pre-licensed for OpenAI’s GPT-4 large language model, allowing it to develop solutions with the new technology and refine use cases for legal professionals.
Generative AI is a form of artificial intelligence that generates new content or data in response to a question or query posed by a user.
The transaction is expected to close in the second half of 2023, Thomson Reuters said in a release.
Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi Aich
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