The Intelligent Choice: Thomson Reuters acquires HighQ
July 30, 2019
2 min read
What's going on here?
Thomson Reuters, the multinational media and information company, recently acquired legal software provider HighQ, for an undisclosed sum.
What does this mean?
HighQ is a global team collaboration software which allows businesses to improve their operations, workflow automation and client engagement. It was one of the highly regarded firms in Allen & Overy’s Fuse program (read our report on that here), and currently serves more than 400 customers. It’s customer list includes more than half of the Global 100 largest law firms.
Reuters has acquired HighQ as part of a strategy to grow its business information service by focusing on core areas of legal, tax, compliance and risk. The deal has taken place just after Thomson Reuters sold Pangea3 (its legal managed services arm) to EY (we also covered that deal here). The company has also recently purchased Confirmation (an audit services provider) to strengthen its tax, accounting and audit functions.
What's the big picture effect?
Rapid developments in machine learning, artificial intelligence and rising demands for flexible fees from clients has seen legal professionals require software solutions to add value to their services.
This demand created a market for global team-collaboration software, which HighQ currently operates in. The solutions that the market provides, such as flexible office spaces and centralised management systems, are the answer to legal professionals’ needs to reduce costs and increase productivity due to changing client demands.
Thomson Reuters understands that by acquiring HighQ it can leverage its professional relationships to sell HighQ to law firms globally. Then, firms can consequentially meet the demands of clients as they can employ a modern approach to work.
Moving into the global team-collaboration software market could be a profitable endeavour for Reuters, as the market was valued at nearly $8.2 billion in 2017 and is hoped to reach $16.6 billion by 2025.
Report written by Evania D’Souza
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