Canadian Giant, Thompson Reuters on an AI startup acquisition spree armed with $8bn

The legal tech landscape is heating up with the acquisition of UK-based AI startup Safe Sign Technologies by Thompson Reuters. While the financial details remain undisclosed, the move signals a clear intent from the information giant to dominate the burgeoning market for AI-powered legal tools.

Safe Sign, a developer of large language models (LLMs) specifically trained on legal data, has been making waves with its cutting-edge technology, despite operating in stealth mode until recently. This acquisition comes as no surprise, as investor interest in AI legaltech reaches a fever pitch, with at least half a dozen European startups in the sector securing significant funding this year alone. Thompson Reuters recently informed the Financial Times that it had $8bn earmarked for AI company acquisitions.

Joel Hron, Reuters CXO and Technology Leader mentioned in a Linkedin post that the company was, “thrilled to be joining forces with Safe Sign Technologies, a UK-based legal large language model (LLM) startup with a team of world-class AI experts and cutting-edge technology.”

Thompson Reuters Expands AI Capabilities with Strategic Acquisition of Safe Sign

Thomson Reuters, already a major player in the legal field, is clearly not resting on its laurels. The company has been actively investing in AI capabilities, with its own CoCounsel platform designed to assist lawyers with various tasks. By bringing Safe Sign’s expertise in-house, Thomson Reuters aims to supercharge CoCounsel and potentially develop new products and services. This strategic acquisition allows them to tap into Safe Sign’s advanced LLMs, which promise to enhance legal research, document analysis, and contract drafting, ultimately boosting efficiency and accuracy for legal professionals.

This acquisition is just the latest in a series of strategic moves by Thomson Reuters. Since 2020, the company has acquired ten companies across various sectors, including legaltech, software, and payments, demonstrating a commitment to innovation and growth through acquisition. With the legal industry ripe for disruption, Thomson Reuters is positioning itself at the forefront of this transformation, leveraging AI to streamline workflows and deliver enhanced value to its customers. The deal also highlights the increasing importance of AI in the legal profession and puts a spotlight on the vibrant UK tech scene, further solidifying its position as a hub for AI development.