Latest news with #CoCounsel
Yahoo
03-06-2025
- Business
- Yahoo
Thomson Reuters introduces agentic AI CoCounsel
Content-driven technology conglomerate Thomson Reuters has launched its agentic AI platform, CoCounsel, for tax, audit, and accounting professionals. Unlike conventional AI assistants, agentic AI systems can plan, reason, act, and react within real workflows, completing complex, multi-step tasks with the required transparency, precision, and accountability, states the company. Thomson Reuters chief product office David Wong said: 'Agentic AI isn't a marketing buzzword. It's a new blueprint for how complex work gets done.' 'We're delivering systems that don't just assist but operate inside the workflows professionals use every day. The AI understands the goal, breaks it into steps, takes action, and knows when to escalate for human input — all with human oversight built in to ensure accountability and trust." Developed over a year and bolstered by the acquisition of Materia, the AI copilot startup, Thomson Reuters agentic platform is now live across products used by some of the accounting firms in the US. These systems are integrated into legal, tax, risk, and compliance platforms, designed for high-stakes environments where accuracy and trust are paramount. Instead of creating standalone tools, Thomson Reuters is re-architecting core product experiences by leveraging content from Checkpoint, Westlaw, and Practical Law. This strategy is claimed to enable the new agentic systems to act and reason within established industry best practices, enhanced with generative AI capabilities. Wong added: 'We're not just rebranding AI assistants. We're engineering full agentic systems — backed by trusted content, custom-trained models, and real domain expertise.' 'What others are calling agentic, we've already had in the market. What we're launching now sets a new bar: this is what AI looks like when it's built with real content, trained with real experts, and trusted by the professionals who do real work.' CoCounsel automates tasks such as client file review, memo drafting, and compliance checks, providing explainable outputs. It unifies firm knowledge, Checkpoint, IRS code, and internal documents into a cohesive AI-guided workspace. Early adopters are already stated to have been witnessing significant advantages from this innovation. The company has said that the next product to be launched is Ready to Review, an agentic tax preparation application that redefines professional-grade AI. Built on the GoSystem Tax Engine, it is purported to not only assist with tax returns but also draft them, adapting to feedback, and autonomously resolving diagnostics. In February 2025, Thomson Reuters unveiled its second Corporate Venture Capital Fund, Thomson Reuters Ventures Fund 2, valued at C$150m ($104.58m). This fund will focus on early-stage technology companies within legal technology, tax and accounting, fintech, and other markets. "Thomson Reuters introduces agentic AI CoCounsel" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Market Online
02-06-2025
- Business
- The Market Online
Thomson Reuters takes leap into agentic AI
Thomson Reuters (TSX:TRI), a leading media and and technology company, has taken the leap into agentic AI with the launch of CoCounsel, a tax, audit and accounting assistant The new technology, partially powered by OpenAI, is capable of planning, reasoning, acting and reacting within real-world workflows Thomson Reuters provides specialized software and insights for legal, tax, accounting, compliance, government and media professionals Thomson Reuters stock has added 17.55 per cent year-over-year and 172.97 per cent since 2020 Thomson Reuters (TSX:TRI), a leading media and and technology company, has taken the leap into agentic AI with the launch of CoCounsel, a tax, audit and accounting assistant. The product, partially powered by OpenAI, is capable of planning, reasoning, acting and reacting within real-world workflows. CoCounsel, sharpened by insights from legal and tax, audit and accounting experts, promises professional results, though it still requires a human to sign off on final decisions. Nevertheless, early client results have been impressive. 'Before CoCounsel, we were manually comparing residency and filing codes across 36 states. Each jurisdiction used to take us half a week to fully review—now it takes under an hour,' Rich Marlatt, chief information officer at BLISS 1041, said in a statement. 'We built our own templates in CoCounsel for 1,041 returns across 50 states and now due to agentic research and reusable templates, we can feed client-specific factors and instantly understand how each state handles them.' Thomson Reuters' next launch under its agentic AI platform will be Ready to Review, a tax prep application built on the GoSystem Tax Engine, designed to draft returns, adapt to feedback and autonomously resolve inconsistencies. Looking our farther head, the company intends to deliver agentic upgrades across its legal, compliance and risk and trade offerings, covering everything from employment policy generation to deposition analysis to compliance risk assessments. Thomson Reuters' agentic AI platform, kick-started by its 2024 acquisition of Materia, an AI startup specializing in tax and accounting systems, is driven by a strategy of 're-architecting core product experiences,' according to Monday's news release, which the company defines as 'drawing from the most critical features and content across platforms such as Checkpoint, Westlaw and Practical Law… enabling them to act and reason within already accepted industry best practices… and supercharging them with generative AI.' The company has been net income profitable, though inconsistently, since 2020, while generating annual revenue growth throughout the period. Management's guidance for 2025 includes increases in both revenue and free cash flow. Leadership insights 'Agentic AI isn't a marketing buzzword. It's a new blueprint for how complex work gets done,' David Wong, chief product officer at Thomson Reuters, said in a statement. 'We're delivering systems that don't just assist but operate inside the workflows professionals use every day. The AI understands the goal, breaks it into steps, takes action and knows when to escalate for human input — all with human oversight built in to ensure accountability and trust.' 'We're not just rebranding AI assistants. We're engineering full agentic systems — backed by trusted content, custom-trained models and real domain expertise,' Wong concluded. 'What others are calling agentic, we've already had in the market. What we're launching now sets a new bar: this is what AI looks like when it's built with real content, trained with real experts and trusted by the professionals who do real work.' 'As more platforms launch agentic capabilities, OpenAI is thrilled to power use-cases like the ones Thomson Reuters is bringing to its vast ecosystem of professional users,' added Olivier Godement, head of product platform at OpenAI. About Thomson Reuters Thomson Reuters provides specialized software and insights for legal, tax, accounting, compliance, government and media professionals. Thomson Reuters stock (TSX:TRI) is down by 0.89 per cent trading at C$270.24 as of 11:11 am ET. The stock has added 17.55 per cent year-over-year and 172.97 per cent since 2020. Join the discussion: Find out what everybody's saying about this media and technology stock on the Thomson Reuters Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
The Verge
02-06-2025
- Business
- The Verge
Posted Jun 2, 2025 at 11:08 AM EDT 0 Comments
Jess Weatherbed Thompson Reuters is building AI agents with OpenAI. The first to launch is CoCounsel for tax, audit, and accounting professionals, which can perform tasks like client file reviews, memo drafting, and compliance checks. An agentic tax prep application that can draft tax returns is also in the works, called Ready to Review, though there's no mention of when this will be available. Thomson Reuters Ushers in the Next Era of AI with Launch of Agentic Intelligence [
Cision Canada
02-06-2025
- Business
- Cision Canada
Thomson Reuters Ushers in the Next Era of AI with Launch of Agentic Intelligence
NEW YORK, June 2, 2025 /CNW/ -- Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, today unveiled its next major leap forward — agentic AI systems, beginning with the launch of CoCounsel for tax, audit, and accounting professionals. While today's most advanced AI assistants can generate results when prompted, agentic AI goes beyond simply responding under a pre-defined sequence of actions. It plans, reasons, acts, and even reacts — operating inside real workflows to complete complex, multi-step assignments with the transparency, precision, and accountability professionals require. Unlike generic AI, Thomson Reuters agents are refined by legal and tax, audit, and accounting experts to reason in alignment with professional standards and best practices, while ensuring that human expertise remains in the loop to guide judgment, validate outputs, and make final decisions. This evolution is underway at Thomson Reuters, and it's redefining what professional-grade AI can — and should — do for professionals. "Agentic AI isn't a marketing buzzword. It's a new blueprint for how complex work gets done," said David Wong, Chief Product Officer at Thomson Reuters. "We're delivering systems that don't just assist but operate inside the workflows professionals use every day. The AI understands the goal, breaks it into steps, takes action, and knows when to escalate for human input — all with human oversight built in to ensure accountability and trust." The Thomson Reuters Agentic AI Platform: Built for How Professionals Really Work The Thomson Reuters agentic platform has been in development for over a year, accelerated by its acquisition of Materia, the AI copilot startup specializing in agentic systems for tax and accounting. Its foundation is already live across products being used by some of the largest accounting firms in the United States. These new systems are being embedded into legal, tax, risk, and compliance platforms — all tailored to high-stakes environments where accuracy and trust are non-negotiable. What sets the Thomson Reuters approach apart is the deeply embedded nature of our agents. Rather than build standalone agentic tools, Thomson Reuters is re-architecting core product experiences. This approach involves drawing from the most critical features and content across platforms such as Checkpoint, Westlaw, and Practical Law, exposing their market-leading capabilities as tools for our agents to use — enabling them to act and reason within already accepted industry best practices — and supercharging them with generative AI. "We're not just rebranding AI assistants. We're engineering full agentic systems — backed by trusted content, custom-trained models, and real domain expertise," Wong said. "What others are calling agentic, we've already had in the market. What we're launching now sets a new bar: this is what AI looks like when it's built with real content, trained with real experts, and trusted by the professionals who do real work." Now Live: CoCounsel for Tax, Audit and Accounting Professionals The first of these new agentic experiences is now live: CoCounsel for tax, audit and accounting professionals, a vertical-specific AI agent designed for modern tax and accounting professionals. CoCounsel automates real work — from client file review to memo drafting and compliance checks — while providing explainable outputs. It connects firm knowledge, Checkpoint, IRS code, and internal documents into a single AI-guided workspace. "This isn't GenAI in a prettier wrapper — it's a fully integrated, intelligent system built to do the work," said Kevin Merlini, Vice President of Product at Thomson Reuters and former CEO of Materia. "Now CoCounsel doesn't just assist — it acts with context, navigates complexity, and integrates directly into how professionals already operate. It's purpose-built for high-stakes work — and it's only the beginning." That perspective is shared by OpenAI, whose models power elements of CoCounsel, which sees this launch as a real-world example of what agentic AI can and should be. "As more platforms launch agentic capabilities, OpenAI is thrilled to power use cases like the ones Thomson Reuters is bringing to its vast ecosystem of professional users," said Olivier Godement, Head of Product, Platform at OpenAI. Early customers are already seeing major benefits. "Before CoCounsel, we were manually comparing residency and filing codes across 36 states. Each jurisdiction used to take us half a week to fully review—now it takes under an hour," said Rich Marlatt, Chief Information Officer at BLISS 1041. "We built our own templates in CoCounsel for 1041 returns across 50 states and now due to agentic research and reusable templates, we can feed client-specific factors and instantly understand how each state handles them." The launch of CoCounsel for tax, audit and accounting professionals marks a major step forward — but it's just the start. Launching Next: Ready to Review — an agentic tax prep application that's redefining what professional-grade AI can do. Built on the GoSystem Tax Engine, it doesn't just assist with returns — it drafts them, adapts to system feedback, and resolves diagnostics on its own. Coming Soon: Agentic Workflows for Legal, Risk, and Compliance The rollout of agentic systems continues this year with expanded capabilities across legal, risk and trade, and compliance domains — including intelligent workflows for intelligent drafting, employment policy generation, deposition analysis, and compliance risk assessments. Many of these experiences already exist within CoCounsel, Westlaw, and Practical Law, but are now being upgraded with full agentic orchestration, where agents not only generate output but plan, execute, and adapt across tools in real time. These systems are: Built for goal-based execution across multi-step legal and compliance tasks Designed with task-specific tool orchestration to engage both Thomson Reuters and third-party platforms Governed by human-in-the-loop oversight for safety, accuracy, and accountability Powered by transparent reasoning and traceable sourcing Refined with custom LLMs trained by in-house legal, tax, and compliance experts Thomson Reuters isn't just expanding capabilities — we're redefining what GenAI can do in the hands of professionals. Why Thomson Reuters Is Leading the Agentic Era The Thomson Reuters approach is rooted in unmatched assets and infrastructure: 20B+ documents, 15+ petabytes of data, and 500+ trusted content assets 4,500 subject matter experts and 180+ AI engineers working side-by-side Global reach across 500,000+ customers — including 100% of Fortune 100 and the entirety of the US federal court system Deep integrations including OpenAI, Anthropic, AWS, and Google An enterprise-grade platform with ISO 42001 certification and secure, zero-retention architecture This Launch Marks the Latest Chapter in Thomson Reuters Ongoing Transformation The debut of its agentic intelligence is the latest milestone in Thomson Reuters ongoing evolution into a global technology powerhouse. "This is more than a product launch — it's a clear signal of where the industry is heading, and who's leading it," said Wong. "As we continue to re-architect the workflows professionals rely on every day, one thing is clear: the future of work is already here — and it's being built inside Thomson Reuters." Thomson Reuters Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit Contact Ali Hughes +1.763.326.4421 [email protected]
Yahoo
02-05-2025
- Business
- Yahoo
Thomson Reuters Corp (TRI) Q1 2025 Earnings Call Highlights: Strong Organic Growth and ...
Organic Revenue Growth: 6% overall, with the Big 3 segments growing by 9%. Adjusted EBITDA: $809 million, with a 40 basis point margin decline to 42.3%. Legal Professionals Organic Revenue Growth: 8%. Corporates Organic Revenue Growth: 9%. Tax & Accounting Organic Revenue Growth: 11%. Reuters News Organic Revenue Decline: 7%. Global Print Organic Revenue Decline: 5%. Adjusted EPS: $1.12, compared to $1.11 in the prior year period. Free Cash Flow: $277 million, up 3% from the prior year period. Dividend Increase: 10% to $2.38 per share. Acquisition: SafeSend for $600 million. Release Date: May 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Thomson Reuters Corp (NASDAQ:TRI) reported a strong start to 2025 with total company organic revenues rising 6%, and the Big 3 segments growing by 9%. The company reaffirmed its full-year 2025 outlook, expecting organic growth in the range of 7% to 7.5%, with margins projected to rise by 75 basis points to approximately 39%. Key products such as CoCounsel, SurePrep, and SafeSend showed double-digit growth, contributing to the company's positive performance. Thomson Reuters Corp (NASDAQ:TRI) continues to invest heavily in innovation, launching new products like CoCounsel Tax, Audit and Accounting, and enhancing existing offerings with AI capabilities. The company completed the acquisition of SafeSend for $600 million, which is integrating smoothly and contributing positively to the business. Reuters News segment saw a 7% decline in organic revenues due to a difficult comparison with the previous year's AI-related transactional content licensing revenue. Global Print organic revenues declined by 5%, in line with expectations, reflecting ongoing challenges in this segment. Adjusted EBITDA was essentially unchanged year over year at $809 million, with a 40 basis point margin decline to 42.3%. The company faces potential challenges from economic uncertainties, including the impact of trade wars and tariff changes, which could affect customer spending patterns. Despite strong performance, there is a level of nervousness among customers regarding the economic backdrop for the rest of the year, which could impact future demand. Q: Have you seen any changes in demand or buying patterns due to the trade war? A: Steve Hasker, CEO, noted that they have not seen changes in demand yet. The business remains resilient with over 80% recurring revenues. However, there is a level of nervousness among customers about the economic backdrop and tariff implications. Michael Eastwood, CFO, added that their sales and renewal pipelines remain strong with consistent order values. Q: Are there any segments more vulnerable to a slowdown in buying? A: Michael Eastwood, CFO, stated that they do not foresee significant impacts on any segments. The transactional revenue, which is 12% of the total, is largely repeat business. Global Print, which is 7% of total revenue, has 45% governed by multiyear contracts. Reuters News' digital advertising and events are only about 1.5% of total revenue. Q: Can you elaborate on the growth potential of the CoCounsel Drafting product? A: Steve Hasker, CEO, emphasized that drafting is a critical task for legal professionals, and automating it offers significant efficiency and accuracy improvements. While he didn't provide a specific TAM, he highlighted the unique value of their proprietary content sets in creating accurate drafts. Q: How are you approaching GenAI monetization across different segments? A: Michael Eastwood, CFO, explained that they focus on pricing to value, maintaining enterprise-wide pricing rather than per seat. They are mindful of variable costs, including those associated with large language models, and are pleased with the overall pricing strategy. Q: What drives the acceleration in organic growth for the remainder of the year? A: Michael Eastwood, CFO, attributed the acceleration to strong net sales and bookings across the Big 3 segments. He highlighted the product roadmap and recent acquisitions as key factors supporting continued growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
