Thomson Reuters makes major investment in AI cross-selling

Thomson Reuters has made a major investment in Propense, a SaaS platform using AI technology to drive cross-selling revenue for professional services firms.

The investment not only enables Propense to continue advancing its proprietary cross-selling technology, the company also plans to use the investment and partnership with Thomson Reuters Ventures to further expand its customer base. Specifically, it aims to expand its reach among accounting firms, which it believes represents a $33 billion uncaptured revenue opportunity.

"Collaborating with Thomson Reuters Ventures gives us the market access, professional services expertise and strategic support to deliver data-driven insights to even more accounting and legal professionals who want to exceed client expectations and expand their clients' relationships with the firm," said Timothy Keith, CEO and founder of Propense. "In order to better serve clients in an increasingly competitive market, firms must be able to predict and solve client needs by identifying historical engagement patterns and capitalizing on market trends. Propense helps firms do just that."

Chris Ware/Bloomberg

The specific terms of the deal were not disclosed. However, a Propense spokesperson said that Thomson Reuters did receive an ownership stake in exchange for the investment. The specific amount of this stake was not disclosed, but the spokesperson confirmed it is not a controlling interest.

This is but the latest AI-related acquisition made by Thomson Reuters. Just last week the company announced it had fully acquired Materia, a company that specializes in the technology for tax and accounting purposes. Thomson Reuters' overall vision is to provide each professional it serves with a generative AI assistant. Materia's agentic AI assistant, research and document analysis capabilities were built for tax, audit and accounting use cases.

"Thomson Reuters Ventures is driving the future of enterprise technology by investing in visionary businesses like Propense," said Tamara Steffens, managing director of Thomson Reuters Ventures. "As dedicated, long-term partners, we're committed to championing Propense's innovative spirit and determination to provide firms with the exact solutions they need to remain competitive and profitable in the ever-changing professional services industry."

These moves are part and parcel of the company's rebranding in March to emphasize its commitment to investing in products and technology that leverage generative AI. The rebranding — with a new promise and messaging, evolved tone of voice, a new color palette, a simplified logo and modernized fonts — is meant to position the company squarely as a technology company. The changes to the Thomson Reuters brand have taken place throughout 2024, with a new logo and updated visuals across key websites and social media channels.