Potential buyers are in talks to acquire legal generative AI startup Casetext, sources informed Business Insider.
Sources did not reveal the identity of the potential buyer nor the amount the firm is quoting. Per sources, the deal could be in "hundreds of millions of dollars."
- Business Insider reckons that Thomson Reuter could be a potential buyer, citing Casetext's close strategic overlap with existing legal research platform Westlaw.
- The acquisition could pave the way for a potential exit for Casetext's VC backers, including Union Square Ventures, Canvas Ventures, Y Combinator, and Touchdown Ventures.
- To date, Casetext has raised $68M in equity funding from investors.
- Although the company has existed for over a decade, it explored the idea of using large language models in its products just five years ago.
- Last year, the firm integrated OpenAI's ChatGPT-4 model into its AI legal assistant CoCounsel.