Thomson Reuters to acquire ThoughtTrace
And truthfully, we can’t say we’re surprised. We saw the incredible potential in the entrepreneurial spirit behind ThoughtTrace when we invested in May 2020. It was only a matter of time before someone else saw the value in the family-business-turned-AI-startup and wanted in. Theirs is a story of hard work, adaptability, and ultimately, vision.
Ironically, Nick Vandivere’s parents, Brian and Renee, may not have realized what they were starting when they founded their business in 1990; it provided companies a way to physically manage voluminous paper-based records. And as computing technology advanced, they adapted, making a big leap into document digitization. Managing physical paper copies was becoming a thing of the past and the functionality and simplicity of searching and storing electronic documents was clearly the way of the future.
Nick didn’t immediately join the family business. He initially chose a different path as an Officer and Platoon Leader in the US Army’s 3rd Infantry Division. Twenty years after his parents founded the family business, he saw an opportunity to usher in the next technology revolution in document management–artificial intelligence–and joined the family firm. Nick’s idea was to develop AI software to unlock the secrets in contracts and documents. It would read and provide insights in the legal minutiae, saving significant amounts of time and reducing risk.
Brian and Renee embraced their son’s AI software vision (they are entrepreneurs, after all) and adapted once more. Nick took over the daily operations as CEO of the renamed business–ThoughtTrace. In 2019, McRock led the growth financing in ThoughtTrace to help the company expand its AI product offering for new vertical markets in sectors such as renewable energy.
The market paid attention. Nick’s AI-powered document understanding and contract analytics platform caught the eye of Thomson Reuters (NYSE, TSX: TRI), one of the world’s most trusted providers of answers to professionals in law, tax, compliance, government, and media. They immediately recognized the value of ThoughtTrace’s AI. Thomson Reuters has been injecting AI and machine learning into their value creation and delivery stack for years. The acquisition of ThoughtTrace will further advance their trusted insights that are at the core of how professionals get their jobs done.
Nick is beyond excited about the potential for ThoughtTrace within the Thomson Reuters family. His own family couldn’t be more proud of what he created. As for us at McRock, our journey with this amazing team was less than two years. It’s an occupational hazard, really. Backing intelligent, passionate and visionary entrepreneurs means those partners are often only here for a good time, not a long time. It’s bittersweet, but Canadian rock band Trooper was right.