Thomson Reuters said on February 10, 2026 that it had acquired Noetica, a New York startup whose software turns the terms of corporate transactions into searchable market data for lawyers and dealmakers. The content and technology group, which is listed in Toronto and on Nasdaq, announced the deal from Toronto and did not disclose the price.
Thomson Reuters plans to build Noetica's analytics into CoCounsel, its AI assistant for professionals. The company said that would let deal lawyers check key terms against the market during negotiations, get help with drafting, and analyse transaction data at each stage of a deal.
Noetica's staff are joining Thomson Reuters. The company said the team includes AI scientists, people with PhDs, and experienced legal and finance specialists.
What Noetica built
Noetica was founded in 2022. Its platform helps lawyers and bankers answer a common question in deal work: whether a proposed term is in line with what the market usually accepts. It does this with term-by-term benchmarking, natural-language search across terms, analysis of how terms are trending, and risk signals for individual deals.
Thomson Reuters said the system can search and analyse more than 1.5 billion terms, and that it is deployed in single-tenant environments so that each client's transaction data stays separate. In October 2024 the company said its platform had been used over the previous year to benchmark terms in more than $350 billion of capital markets deals, and that it worked with 10 of the 25 largest law firms, according to Pulse 2.0.
“Noetica has built an AI-native platform that turns corporate transactional terms into structured, queryable market intelligence. Combined with CoCounsel, our AI technology, it will bring realtime market insight directly into legal work.”
Why Thomson Reuters is buying
Thomson Reuters described the purchase as part of its build, partner and buy strategy for adding AI to its legal products. Raghu Ramanathan, president of the company's Legal Professionals business, said Noetica had turned transactional terms into structured market intelligence, and that combining it with CoCounsel would put real-time market insight directly into legal work.
Ramanathan said the deal would speed up the group's plan to supply specialised AI to deal lawyers in private practice and in corporate legal departments. CoCounsel already sits on top of Westlaw and Practical Law, Thomson Reuters' legal research and guidance services.
Dan Wertman, Noetica's chief executive and co-founder, said the startup had created a new category of term data. He said that content, innovation and trust would decide which legal AI products succeed, and that no company had been better at providing those to professional services than Thomson Reuters.
The founders and the funding
Wertman led Noetica from New York. Thomson Reuters named him as a co-founder but did not identify the other founders.
In October 2024 Noetica announced a $22 million Series A led by Lightspeed Venture Partners. Thomson Reuters Ventures, Bling Capital, Flybridge Capital, Company Ventures and TheLegalTech Fund also invested. The company said at the time that it was hiring software engineers, AI engineers and salespeople, and that it had built a database of more than 100 million aggregated and indexed terms.
Thomson Reuters Ventures, the group's corporate venture fund, was described in the acquisition announcement as an early investor in that round. The deal is an example of a corporate venture investment that ended with the parent company buying the startup.
Lightspeed partner Justin Overdorff was quoted in the 2024 funding announcement. Pulse 2.0 reported at the time that Noetica had become one of the most used sources of deal data in less than 18 months after its launch.
A busy market for legal AI
Thomson Reuters has been adding AI tools across its legal, tax and risk products, and CoCounsel is its main AI product for lawyers. Noetica gives it data specific to transactional work. Thomson Reuters already sells a separate market intelligence tool that it says helps transactional attorneys answer the question of what is market with verifiable deal-term data, and Noetica adds its AI-built term database to that line-up.
The company did not say how many Noetica employees joined or whether the startup's product would continue to be sold on its own.
