Thomson Reuters Signs Agreement to Acquire ThoughtTrace
Thomson Reuters has signed a definitive agreement to acquire ThoughtTrace, a business providing a document understanding and contract analysis platform.
ThoughtTrace, based in Houston, uses pre-trained artificial intelligence and machine learning capabilities developed by industry experts to read, organize, and manage business-critical document workflows for customers.
As Thomson Reuters continues building an open, smart and connected platform, this acquisition aims to enhance the legal technology suite. ThoughtTrace will be key to helping customers generate additional efficiencies, streamline workflows, improve accuracy and reduce risk. As we continue providing the highest level of service and quality products to customers, we intend to leverage the innovative products and technology from ThoughtTrace to deliver even greater value, specifically focusing on contract analysis, contract lifecycle management and legal workflows.
“We are excited to have ThoughtTrace joining our organization, and this acquisition brings additional technology and expertise to further the AI and analytics capabilities in our LegalTech platform,” said Kriti Sharma, who joined Thomson Reuters in October 2021 as chief product officer for the LegalTech product portfolio. “Thomson Reuters has long been a leader using AI and machine learning, and this will accelerate advancements in multiple areas, including contract analysis, contract lifecycle management and legal workflows.”
Thomson Reuters continues to be an integral partner helping customers meet client expectations – through new efficiencies as well as new ways of working altogether – and the addition of ThoughtTrace will be beneficial to the workflow of litigation and transactional legal professionals.
Sharma added, “The integration of ThoughtTrace will enable us to further serve the needs of our customers through the tasks related to contract analysis and contract lifecycle management, as well as embedding intelligence in their workflow. We are excited to bring the innovative products and technology from ThoughtTrace to Thomson Reuters to create new experiences and enhance our offerings for our customers.”
“Our success at ThoughtTrace has really been built upon a relentless customer focus and a passion for building elegant solutions that meet our customers where they are,” said Nick Vandivere, CEO at ThoughtTrace. “Being a part of Thomson Reuters will allow us to continue that at scale, across many industries and use cases. We could not be more excited for what this combination brings to our team members, our customers, and the future of applied artificial intelligence.”
ThoughtTrace customers will continue to receive the highest level of service and quality products they have come to expect. Longer term, we anticipate that ThoughtTrace and Thomson Reuters will work together to enhance products, expand into additional verticals, improve its digital offerings, and create new capabilities to deliver even greater value to customers.
Terms of the deal were not disclosed and completion of the transaction remains subject to customary closing conditions, including receipt of regulatory approval.