Business News Report
June 27, 2023

AI Acquisition Spree: Databricks Adds MosaicML for $1.3B, Thomson Reuters Acquires Casetext for $650M

Databricks, a data and AI company, announced on Monday that it has entered into a definitive agreement to acquire generative AI platform MosaicML for $1.3 billion, inclusive of retention packages. Following the acquisition, both companies aim to enable businesses to build, own and secure generative AI models with their own data.

AI Acquisition Spree: Databricks Adds MosaicML for $1.3B, Thomson Reuters Acquires Casetext for $650M

Known for its state-of-the-art MPT large language models (LLMs), MosaicML MPT-7B model has seen over 3.3 million downloads, according to a press release. Last week, the company released the MPT-30B foundation model. MosaicML’s customers include AI2 (Allen Institute for AI), Generally Intelligent, Hippocratic AI, Replit and Scatter Labs.

“Every organization should be able to benefit from the AI revolution with more control over how their data is used. Databricks and MosaicML have an incredible opportunity to democratize AI and make the Lakehouse the best place to build generative AI and LLMs,” said Ali Ghodsi, Co-Founder and CEO, Databricks.

By integrating MosaicML’s generative AI technology, the Databricks Lakehouse Platform presents customers with an efficient and cost-effective solution to maintain data control, security, and ownership. MosaicML claims that its automatic model training optimization achieves training speeds two to seven times faster than traditional methods. 

The platform’s near-linear resource scaling enables the training of multi-billion-parameter models within a matter of hours, rather than days. Thanks to the collaboration between Databricks and MosaicML, the expenses associated with training and utilizing LLMs are reduced to thousands of dollars, eliminating the need for million-dollar investments.

Once the acquisition deal closes, the entire MosaicML team, including MosaicML’s industry-leading research team, is expected to join Databricks.

Thomson Reuters to acquire AI tech provider Casetext

Also announced on Monday, Thomson Reuters has signed a definitive agreement to acquire Casetext, a California-based tech provider for legal professionals, for $650 million cash. The transaction is expected to close later this year.

The deal will expand Thomson Reuters’ AI strategy as it builds on its recent roadmap and AI initiatives, including a commitment to invest more than $100 million annually on AI capabilities, the development of new generative AI experiences across its product suite, as well as a new plugin with Microsoft and Microsoft 365 Copilot for legal professionals.

Founded in 2013, Casetext uses advanced AI and machine learning to build legal technology solutions for legal professionals. With a workforce of 104 employees, Casetext serves over 10,000 law firms and corporate legal departments.

Casetext was granted early access to OpenAI’s state-of-the-art GPT-4 large language model, enabling the company to develop solutions and identify use cases specifically for the legal industry. 

Among its flagship offerings is CoCounsel, a legal assistant powered by GPT-4, introduced in 2023. CoCounsel provides rapid document review, generates legal research memos, assists in deposition preparation, and conducts contract analysis in minutes. 

“The acquisition of Casetext is another step in our ‘build, partner and buy’ strategy to bring generative AI solutions to our customers,” said Steve Hasker, president and CEO of Thomson Reuters.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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