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FiscalNote Completes USD 180m Acquisition of CQ Roll Call from The Economist Group.


21 August 2018 - US-based software, data and media company FiscalNote has completed its acquisition of government and political professional publication CQ Roll Call from UK-based publisher The Economist Group for USD 180m through a combination of cash and equity, the company said.

The Economist Group obtains an 18% equity stake in FiscalNote, making it the largest single shareholder of the company and Chris Stibbs, CEO of The Economist Group, will join the board of directors.

As part of the transaction, S and P Global (NYSE: SPGI) takes a strategic equity investment in the DC-based FiscalNote and appoints Mark Blake, its global head of corporate development, as a board observer.

FiscalNote founder Tim Hwang remains the largest individual shareholder and will lead the company going forward as chairman and CEO.

This strategic acquisition combines the strengths of complementary businesses and will infuse CQ Roll Call's award-winning journalism and content with FiscalNote's proprietary technology.

The combined company, now known as FiscalNote, will continue to offer award-winning journalism along with products and services that provide access to large quantities of data, news, and analysis for all levels of government to help corporations, associations, and non-profits of all sizes manage their issues.

With the close of this transaction, FiscalNote becomes one of the largest technology employers headquartered in Washington, DC.

The company will expand its current office overlooking iconic Pennsylvania Avenue between the US Capitol and the White House, bringing the combined company under one roof at the intersection of American politics.

FiscalNote is currently evaluating the processes, products, staff, and technology capabilities from each company to determine the best ways to combine the two groups.

The company does not plan to make any additional leadership announcements at this time; however, it will uphold CQ Roll Call's editorial independence, while also identifying opportunities to adapt and grow in a transforming digital news landscape.

CQ Roll Call provides news, analysis and grassroots advocacy resources for government and political professionals. It is the premier source of timely, objective news and analysis on government and electoral politics. CQ Roll Call journalists have won more Dirksen Awards for "Distinguished Reporting of Congress" than any other organisation.

FiscalNote's mission is to connect the world to their governments. Its Issues Management solutions combine real-time policy data from Congress, all 50 states and nearly 30 countries with machine learning, advanced analytics, and innovative workflow tools to help organisations better understand the risks and opportunities of the socio-political environment.

Headquartered in Washington, DC, FiscalNote also maintains offices in New York City, Baton Rouge, Korea, India, and Belgium.

The company's shareholders include prominent investors such as The Economist Group, S and P Global, Mark Cuban, Jerry Yang/AME Cloud Ventures, Rise of the Rest, Renren, First Round Capital's Dorm Room Fund, Green Visor Capital, MoneyToday, Visionnaire Ventures, Perle Ventures, NEA, and 645 Ventures.

Transaction advisors for FiscalNote were West Arrow, Wilson Sonsini Goodrich and Rosati, and Gibson, Dunn and Crutcher LLC. Transaction advisors for The Economist Group were Ondra Partners and Morgan, Lewis and Bockius LLP.

Country: USA

Sector: Media

Target: CQ Roll Call

Buyer: FiscalNote

Vendor: The Economist Group

Deal size in USD: 180m

Type: Corporate Acquisition

Financing: Cash and Stock

Status: Closed

Buyer advisor: West Arrow, Wilson Sonsini Goodrich and Rosati , Gibson, Dunn and Crutcher ,

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Publication:M & A Navigator
Date:Aug 21, 2018
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