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Thomson Reuters Corp (NYSE:TRI) is reportedly gearing up for a substantial expansion in artificial intelligence (AI) with a formidable war chest of $8 billion allocated for acquisitions and investments.
CEO Steve Hasker revealed the company’s ambitious plans, emphasizing a belief in AI’s potential for its core business of supplying information to professionals like lawyers and accountants.
Hasker outlined the financial strength derived from the company’s existing operations, a lightly leveraged balance sheet, and the upcoming sale of its remaining stake in the London Stock Exchange Group (LSEG).
The financial news giant also intends to allocate more than $100 million annually to develop its proprietary AI technology, catering to legal, tax, and accounting sectors, the Financial Times notes.
Despite completing a two-year transformation into a “content-driven” technology company, Hasker acknowledged the significant impact of generative AI, labeling it as transformative once again.
The unpredictable shifts in customer spending patterns due to AI remain a challenge, but the Financial Times highlights that Hasker is optimistic about several “tailwinds” propelling the company forward.
Acquisitions will be a key focus for Thomson Reuters, primarily targeting companies with AI capabilities. Over the past 18 months, the company has invested around $2 billion in acquiring firms like SurePrep, Casetext, and Pagero.
Hasker highlighted the intent to “rebalance” revenue sources, eyeing aggressive growth in regions from Brazil and Mexico to southeast Asia and Japan, aiming to diversify from the current dominance of U.S. revenues.
Addressing concerns about the future role of Reuters News, Hasker unequivocally stated that “Reuters is not for sale” and remains an integral part of their portfolio.
Price Action: TRI shares are up 0.28% at $158.75 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: TRI
