Our bleeding-edge AI expertise plus Thomson Reuters’ industry-leading content, reach, and customer relationships will deliver unmatched customer experiences

A common saying in Silicon Valley is that all “overnight” successes take about a decade. That certainly feels true for us here at Casetext, where less than two weeks ago we celebrated our 10th anniversary, and less than 10 months ago almost no one outside legal tech had even heard of us.

Today, we are thrilled to announce the beginning of an incredible new phase for our team: we’ve entered into a definitive agreement to be acquired by Thomson Reuters for $650M, subject to certain customary regulatory reviews. 

This is undeniably a highly successful startup exit. But we’re excited about this deal precisely because we won’t be “exiting.” Quite the opposite. Our entire team will join Thomson Reuters, together accelerating the revolution in legal tech. We’ll be able to realize much sooner all the potential we see for our AI legal assistant, CoCounsel, whose resounding success has brought us to this point. Most important, we’ll advance more quickly and completely toward fulfilling our vision of using the power of AI to help more attorneys do more and better work for more clients—the key to increasing access to justice for everyone.

As energized as we all are about the possibilities this deal opens for our work, we’re most excited for our customers. By uniting Casetext’s leading expertise applying AI to the practice of law with Thomson Reuters’ world-class legal content library and industry-wide reach and relationships, users of CoCounsel and our legacy research product will now have a resource that will revolutionize their work. 

Doing it right, together

Just four months after being unveiled, CoCounsel is already changing lives, both for the lawyers we serve and for their clients. We’ve heard thousands of versions of this message, from solo practitioners, global law firms, legal aid organizations, and large corporations. Every day, CoCounsel processes two billion words. That’s the equivalent of 16,500 attorneys doing nothing but reading for every minute of an eight-hour day—and CoCounsel will only grow stronger. 

Our customers tell us having this power means accomplishing more in less time, having more hours for creative and strategic work, and better representing their clients. They are enthusiastically embracing this revolution, in which the business and practice of law are changing more every day than they have in the last 50 years.

The scale of impact and pace of adoption of the technology over the last few months has reinforced our belief that AI is the most profound technological shift ever for the practice of law. We feel an immense responsibility to do this right. And we are convinced that our best shot at getting AI right for the law means working with Thomson Reuters.  

Joining our teams will accelerate our shared vision to redefine the future of legal professionals, by combining our groundbreaking AI experiences with their trusted insight and content, deep customer connections, and global reach. Working with Thomson Reuters will not only enhance our innovation, but will also accelerate it as Thomson Reuters intends to invest heavily in the development of our technology. Which means the people we serve—our customers, and their clients—will realize the benefits of our innovation earlier as the result of our combination. We will also have the ability through Thomson Reuters to develop and apply our innovations to other professions at a high level of trust. The deal will enhance the benefits of our technology and help us achieve our vision far sooner and for far more people. We have the chance to be better, together—and we are enthusiastically taking it.

The next decade

We look forward to seeing what we, as a stronger, combined team, will accomplish as we continue to innovate for our customers and deliver the excellence they deserve and have come to expect over these last 10 years. Given the formidable capabilities a Casetext and Thomson Reuters union will bring, and how quickly technology is advancing, it seems likely we’ll look back a decade from now and say we never would have predicted in 2023 how far we’d go. It’ll be our 10-year “overnight” success 2.0. Thinking about how much we can do, together, is what excites us most.

For the next few months, it will be business as usual, as we continue to follow our ambitious product roadmap and roll out exciting new features for CoCounsel. Once the deal completes customary regulatory reviews and closes, we look forward to integrating with Thomson Reuters to bring even more powerful content options and capabilities to CoCounsel.

Thank you to our investors, our advisors, our employees, and our customers. This truly tremendous leap in our evolution would not be possible without every one of you. Here’s to our next set of opportunities, challenges, and triumphs!