TORONTO, Oct. 22 Strengthening its focus on its professional generative AI solutions, Thomson Reuters (NYSE:TRI) said it had scooped up U.S.-based AI firm Materia. Its important to note that the financial specifics of the deal weren't revealed financial specifics.

Established in 2022, Materia focuses on agentic AI assistants for the accounting, tax, and audit domains. The acquisition fits Thomson Reuters's approach of offering its clientele sophisticated AI-driven solutions. "We want to provide every professional we aid a Gen AI assistant. Materia will hasten this objective for our tax, audit, and accounting clients, said Thomson Reuters chief product officer David Wong. "Once fully integrated, Materia will transform work and unite the entire customer experience with apps across our tax, audit, and accounting portfolio."

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Reiterating Materia's strategy for AI-enhanced solutions in key professional sectors, the collaboration seeks to combine Materia's creative AI capabilities with Thomson Reuters' content and experience. Reuters stock has been on an excellent run over the past year, having surged upwards of 13.8% YTD, beating the S&P 500's 23% gains over the same period.

This article first appeared on GuruFocus.