Company profile
- Industry
- Information services
- Founded
- 2008
- Headquarters
- Toronto, Canada
- Ownership
- Publicly traded; The Woodbridge Company is the controlling/largest shareholder
Profiles are auto-generated and infrequently updated.
Decisions on record
2 verified Decision Records on Thomson Reuters, and the casebook each one belongs to.
| Fork date | Decision type | What Thomson Reuters chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2023 | Adjacency Expansion | Buy the AI startup | Q3 2025 organic revenue grew 7% while adjusted EBITDA margin expanded to 37.7%, net leverage of 0.6x (2025) | Read the story → | Adjacency Expansion Casebook → |
| 2023 | Ecosystem Lock-in | Acquire Casetext | recurring revenue climbed to 97% of the segment, growing 8% organically at 47.4% adjusted EBITDA margin (2024) | Read the story → | Ecosystem Lock-in Casebook → |
Run one of these yourself
The decisions Thomson Reuters faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Moat & CompetitionThe Ecosystem Lock-InHow hard can you press on lock-in you already have?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Thomson Reuters Bought Its AI Story: $650M for Casetext, $600M for SafeSend
Everyone calls it Thomson Reuters' AI transformation. It's really an adjacency roll-up: $650M for Casetext, $600M for SafeSend, an undisclosed sum for Materia — all grafted onto an install base that pure-play AI rivals can't replicate.
8 min
The Money Machine · Business Model
Everyone Calls Thomson Reuters a News Company. The Newswire Is a Small Fraction of It.
Reuters News is a small minority of the recurring base. The real machine is legal and tax subscriptions running at 97% recurring - and a family that owns 70% of the company, free to ignore the disruption panic everyone else is selling.
8 min
The Ecosystem Lock-In · Moat & Competition
What Holds Westlaw at 97% Recurring Revenue? A Century-Old Classification System
Westlaw's Legal Professionals segment runs at about 97% recurring revenue and grows 8% organically — not because its search is unbeatable, but because a century-old classification system and a 2025 copyright ruling make leaving prohibitively expensive.
8 min