Thomson Reuters is planning to acquire Casetext, a legal tech startup, for $650M.

 

Thomson Reuters is planning to acquire Casetext, a legal tech startup, for $650M.  Founded in 2013, Casetext began as a knowledge-sharing community for lawyers but pivoted to developing automated workflows using machine learning. The startup uses generative AI to help with legal research memos, contract analysis, and preparation for depositions. Casetext claims a client base of 10,000 law offices and corporate legal teams. Prior to the acquisition, the startup raised $64M through a round led by Union Square Ventures. Thomson Reuters plans to spend $100M per year on generative AI and earmarked $10B for mergers and acquisitions until 2025.