Databricks is making waves in the AI acquisition arena, securing MosaicML for $1.3 billion, while Thomson Reuters has also joined the fray by acquiring the AI-focused platform Casetext for $650 million.
In Brief
Databricks has officially solidified its plans to acquire the generative AI platform MosaicML for an investment totaling $1.3 billion.
MosaicML has carved out a niche in the industry with its cutting-edge MPT large language models, setting a new standard for generative AI technology.
Thomson Reuters has taken significant steps by agreeing to acquire Casetext, an AI-focused tool designed specifically for legal professionals, for a cash sum of $650 million.
On a noteworthy Monday, Databricks unveiled its conclusive agreement to buy MosaicML for $1.3 billion, an amount that includes retention bonuses. Post-merger, both entities plan to empower businesses with the tools they need to create, control, and secure their own generative AI models utilizing proprietary data.
MosaicML, esteemed for its advanced MPT large language models (LLMs), has gained substantial traction in the market. MPT-7B According to statistics, this model has recorded over 3.3 million downloads, indicating a strong demand in the market. press release . Last week, the company released the MPT-30B Among its clientele are renowned organizations like AI2 (Allen Institute for AI), Generally Intelligent, Hippocratic AI, Replit, and Scatter Labs.
Ali Ghodsi, Co-Founder and CEO of Databricks, expressed, “Every business ought to gain from the AI boom, having more autonomy over their data usage. The collaboration between Databricks and MosaicML presents a fantastic opportunity to democratize AI while establishing the Lakehouse as a premier hub for developing generative AI and large language models.”
The integration of MosaicML’s generative AI technology into the Databricks Lakehouse Platform will furnish clients with a streamlined and economical approach to manage data security, control, and ownership. MosaicML asserts that its automated model training optimization can deliver training speeds that are two to seven times quicker than conventional methods.
This platform boasts nearly linear resource scaling, allowing multi-billion-parameter models to be trained in mere hours, as opposed to days. Thanks to the partnership between Databricks and MosaicML, the costs tied to training and using large language models have dropped to a few thousand dollars, removing the necessity for hefty million-dollar outlays.
Once the acquisition is finalized, the entire MosaicML team, including their leading research experts, is expected to join the ranks of Databricks.
Thomson Reuters is set to bolster its AI capabilities through the acquisition of Casetext.
On the same Monday, Thomson Reuters made it known that it has finalized a deal to acquire Casetext, a technology company stationed in California and catering to legal professionals, for a cash price of $650 million. This deal is anticipated to conclude later in the year.
This move is poised to enhance Thomson Reuters' AI strategy, building upon its existing roadmap and initiatives. The company is committed to investing over $100 million every year in AI advancements, exploring innovative generative AI solutions across its product offerings, and collaborating with Microsoft and Microsoft 365 Copilot to support legal professionals.
Founded in 2013, Casetext leverages sophisticated AI and machine learning techniques to develop legal tech solutions catering to legal professionals. With a team of 104 employees, Casetext serves an extensive clientele, including over 10,000 law firms and corporate legal divisions.
Casetext was granted early access to OpenAI’s cutting-edge GPT-4 large language model, enabling it to craft tailored solutions and identify niche applications specifically for the legal sector.
One of the standout products from Casetext is CoCounsel, a legal assistant driven by GPT-4, which was launched in 2023. CoCounsel allows for rapid document review, generates legal research memos, aids in deposition preparations, and performs contract analyses in just minutes.
Steve Hasker, president and CEO of Thomson Reuters, stated, “By acquiring Casetext, we are taking another significant step in our strategy of building, partnering, and acquiring to deliver generative AI solutions to our clients.”
Read more:
- Databricks has also introduced Dolly, a new contender in the open-source ChatGPT space.
- Databricks has revised and released Dolly 2.0, marking it as the first commercially available open-source 12 billion parameter Chat-LLM.
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