M&A Deal Summary

Thomson Reuters Acquires Casetext

On June 26, 2023, Thomson Reuters acquired software company Casetext from Bridge Investments for 650M USD

Acquisition Highlights
  • This is Thomson Reuters’ 11th transaction in the Software sector.
  • This is Thomson Reuters’ 5th largest (disclosed) transaction.
  • This is Thomson Reuters’ 32nd transaction in the United States.
  • This is Thomson Reuters’ 5th transaction in California.

M&A Deal Summary
Date 2023-06-26
Target Casetext
Sector Software
Buyer(s) Thomson Reuters
Sellers(s) Bridge Investments
Deal Type Add-on Acquisition
Deal Value 650M USD
Advisor(s) Marks Baughan (Financial)

Target

Casetext

San Francisco, California, United States
Casetext is an AI legal assistant that offers document review, legal research memos, deposition preparation, and contract analysis in minutes. In launching CoCounsel, the first-ever legal AI assistant, Casetext ushered in a new era for legal technology. CoCounsel processes 2B+ words per day, automating critical, time-intensive tasks for lawyers and expanding access to justice. Casetext was founded in 2013 and is based in San Francisco, California.

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Buyer(S) 1

Buyer

Thomson Reuters

Toronto, Ontario, Canada
Category Company
Founded 1851
Sector Information Services
Employees25,600
Revenue 6.8B USD (2023)
DESCRIPTION
Thomson Reuters' office in Eagan, Minnesota.
Thomson Reuters' office in Eagan, Minnesota.

Thomson Reuters is an information source for businesses and professionals. Thomson Reuters delivers information to decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs people and operates in over 100 countries. Thomson Reuters was originally incorporated in 1851 and is headquartered in Toronto, Ontario.

DEAL STATS #
Overall 53 of 57
Sector (Software) 11 of 13
Type (Add-on Acquisition) 47 of 50
State (California) 5 of 5
Country (United States) 32 of 33
Year (2023) 1 of 2
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 Elite

New York, New York, United States

Elite is a provider of integrated practice and financial management systems for professional service firms worldwide. Elite provides world-class time and billing systems for the legal industry to deliver a variety of products and consulting services to other professional service markets, including accounting, engineering, marketing and management and IT consulting. Elite is based in New York City.

Sell $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-28 Imagen

Cambridge, United Kingdom

Imagen is a cloud-native media asset management company that helps sports organizations, businesses, and media companies manage their digital content libraries with fast, secure, and controlled access through a highly customizable media management and distribution platform. It also owns Screenocean, a platform that provides production companies and others the ability to license video and photo content from around the world. Imagen is based in Cambridge, United Kingdom.

Buy -

Seller(S) 1

SELLER

Bridge Investments

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1998
Size Small
Type Sector Agnostic
DESCRIPTION

Bridge Investments is a private investment firm focused on growth companies. The Firm has the flexibility to invest at any stage of a business’s growth cycle, from seed or Series A investments to majority investments in mature growth companies seeking liquidity and support in advancing to the next level. Areas of focus include tech, tech-enabled services, SaaS, consumer, and health/wellness. Bridge Investments was established in 1998 and is headquartered in Highland Park, Illinois.

DEAL STATS #
Overall 7 of 7
Sector (Software) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (California) 2 of 2
Country (United States) 7 of 7
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-22 Automotus

Los Angeles, California, United States

Automotus provides first-of-its-kind automated curb management solutions to help reduce emissions, congestion and safety hazards in our communities. Automotus was founded in 2017 and is based in Los Angeles, California.

Buy -
Mergr

Product

Company

Legal