TORONTO, Oct. 22,
2024 /PRNewswire/ -- Thomson Reuters Corporation
("Thomson Reuters") (TSX/NYSE: TRI), a global content and
technology company, today announced it has acquired Materia, a
US-based startup that specializes in the development of an agentic
AI assistant for the tax, audit and accounting profession. This
transaction, which is complementary to Thomson Reuters AI roadmap,
accelerates Thomson Reuters vision for the provision of generative
AI tools to the professions it serves.
Founded in 2022, Materia is purpose built for tax, audit and
accounting use cases. Its agentic AI assistant automates and
augments research and workflows helping accountants to improve
efficiency, effectiveness and the value they add to their
clients.
"Our vision is to provide each professional we serve with a Gen
AI assistant. Materia will further accelerate this vision for our
tax, audit and accounting customers," said David Wong, Chief Product Officer, Thomson
Reuters. "Once fully integrated, Materia will transform work and
unify the entire customer experience with applications across our
tax, audit, and accounting portfolio. We are excited by the
potential of combining Materia with Thomson Reuters content,
know-how, and solutions."
"Materia is defining the future for how agentic AI can enhance
the accounting profession. Our vision is to eliminate low-value,
tedious tasks, and in doing so, both increase quality, and free up
accounting teams to focus on higher value advisory work for their
clients, said Kevin Merlini, CEO of
Materia. "We are excited to join Thomson Reuters on this exciting
journey toward our shared vision. By combining, we will be able to
move more quickly toward this objective and will unlock new
opportunities to deliver highly-requested solutions for our
customers."
Thomson Reuters Ventures, an early investor in Materia, led the
effort to launch a proof-of-concept initiative that allowed select
Checkpoint Edge users to engage with certain Checkpoint content
through Materia's AI assistant. The promising initial results
from this work provides confidence that Thomson Reuters and Materia
together can best leverage generative AI to deliver value for
Thomson Reuters tax, audit and accounting customers.
Thomson Reuters
Thomson Reuters (TSX/NYSE: 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 tax, accounting,
compliance, government, and media. Thomson Reuters' 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 the world's leading provider of trusted journalism and
news. For more information, visit tr.com.
About Materia
Materia is the first comprehensive
generative AI platform built specifically for public accounting
firms. Materia is built on a proprietary library of authoritative
accounting content, integrated with firm knowledge, and key
industry software. The platform offers a suite of pre-built
capabilities to improve efficiency and quality for all levels of
accounting staff across a variety of workflows while keeping
security and accuracy central to its platform.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL
RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release are forward-looking,
including but not limited to the expected strategic benefits of the
proposed transaction. The words "expect", "believe" and similar
expressions identify forward-looking statements. While the company
believes that it has a reasonable basis for making forward-looking
statements in this news release, they are not a guarantee of future
performance or outcomes and there is no assurance that any of the
other events described in any forward-looking statement will
materialize. Forward-looking statements are subject to a number of
risks, uncertainties and assumptions that could cause actual
results or events to differ materially from current expectations.
Many of these risks, uncertainties and assumptions are beyond our
company's control and the effects of them can be difficult to
predict. You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of
the date of this news release. Except as may be required by
applicable law, Thomson Reuters disclaims any obligation to update
or revise any forward-looking statements.
CONTACTS
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MEDIA
Dave Moran
Corporate
Communications
1 647
2853815
Dave.moran@tr.com
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INVESTORS
Gary E. Bisbee,
CFA
Head of Investor
Relations
+1 646 540
3249
gary.bisbee@tr.com
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SOURCE Thomson Reuters