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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.
