Thomson Reuters said it plans to spend some $100 million a year to invest in artificial intelligence (AI), CEO Steve Hasker said in a statement.
It will start seeing generative AI incorporated into flagship products in the second half of this year. Generative AI generates new content or data in response to a prompt, or question, by a user.
The $100 million is separate from the company’s M&A budget, which will be about $10 billion from now to 2025, Michael Eastwood, Thomson Reuters’ Chief Financial Officer, said.
Over the last three years, almost all of the company’s M&A budget has been allocated to artificial intelligence, and executives see that trend continuing. AI features will be incorporated in most major business divisions — legal, tax and accounting, and in the news business.
AI is already embedded in Thomson Reuters products such as Westlaw Edge and Practical Law. In 2022, the company acquired PLX AI, a real-time financial news service powered by the technology.
Thomson Reuters, a news and information company, said revenue rose 4 percent in the January-March quarter to $1.738 billion.
Thomson Reuters owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service.
