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- Thomson Reuters, the Canadian media giant, is all in on AI.
- In a bold move on March 2024, Thomson Reuters announced – $8 billion set aside for AI.
- With $100 million a year fueling generative AI.
Thomson Reuters Ventures
The investments will be managed through Thomson Reuters Ventures, the company’s venture capital arm.
This unit focuses on seed and Series A-stage companies that specialize in Enterprise tech, covering everything from:
- Tax
- Legal services
- Fraud, compliance, insurance, and financial services
- Accounting
Some of the exciting AI startups in Thomson Reuters’ portfolio include:
- Wisedocs – AI-powered insurance claim processing tool
- Spellbook – Legal document drafting software
- Contents.com – A platform helping businesses create content
These investments are all about bringing in innovative AI tech that can improve how businesses operate and deliver value to customers.
Recent acquisitions by Thomson Reuters
Thomson Reuters isn’t just investing in startups – they’re also buying up AI-driven companies.
Over the past 18 months, they’ve spent about $2 billion on companies like SurePrep, Casetext, and Pagero.
The latest acquisition is Materia, the first comprehensive generative AI platform for public accounting firms.
Founded in 2022 – Materia helps firms increase efficiency, improve quality,
These acquisitions are helping them build a powerful AI-driven ecosystem, giving their products a major upgrade.
Generative AI
One of the big moves Thomson Reuters is making is integrating generative AI into its products.
For example, their Westlaw Precision research tool will soon use AI to make the research process faster and more accurate for legal professionals.
This AI integration is all about making Thomson Reuters’ tools smarter, more efficient, and more valuable to customers.
Training employees
Thomson Reuters isn’t just betting on AI technology – they’re also investing in their people.
With over 26,000 employees around the world, the company plans to train its workforce on how to use AI effectively.
This will ensure their team is ready to leverage these new technologies and stay ahead in a fast-moving industry.
Looking ahead
With an $8 billion investment in AI, Thomson Reuters is setting itself up to be a major player in the tech space.
By acquiring AI companies, investing in generative AI, and training its employees, the company is positioning itself for long-term growth and innovation in the AI-powered future.
It’s clear – Thomson Reuters is betting big on AI, and it’s about to pay off.
