Dow Jones Completes Acquisition of Dragonfly Intelligence and Oxford Analytica

Rhea-AI Summary

Dow Jones has completed the acquisition of Dragonfly Intelligence and Oxford Analytica from FiscalNote Holdings for $40 million, with News Corp expecting a $4 million tax benefit. Both companies will operate under Dow Jones Risk & Compliance division.

Dragonfly Intelligence provides geopolitical and security intelligence services from London and Singapore, offering real-time intelligence on security risks. Oxford Analytica, founded in 1975, delivers macroeconomic and geopolitical risk analysis through its global expert network.

The acquisition strengthens Dow Jones's specialized business information portfolio. The Risk & Compliance division reported 16% year-over-year revenue growth to nearly $300 million in fiscal year 2024. This follows recent acquisitions of WorldECR and increased stake in Ripjar, highlighting Dow Jones's expansion in the risk and compliance sector.

Positive

• Acquisition price of $40M comes with $4M tax benefit
• Risk & Compliance division showed strong 16% YoY revenue growth to $300M
• Strategic expansion enhances geopolitical risk analysis capabilities
• Acquisition adds valuable real-time intelligence and security risk assessment services

Negative

• None.

Insights

Financial Analyst

News Corp's $40 million acquisition of Dragonfly Intelligence and Oxford Analytica represents a strategically sound expansion of Dow Jones's Risk & Compliance portfolio, which has been a robust growth engine with 16% year-over-year revenue increase to nearly $300 million in FY2024.

The purchase price of $40 million is relatively modest at approximately 0.23% of News Corp's $17.1 billion market capitalization, making this a low-risk transaction with potential for meaningful returns. The $4 million tax benefit further improves the effective acquisition cost.

This acquisition follows a pattern of strategic bolt-on purchases including WorldECR and an expanded stake in Ripjar, demonstrating management's disciplined approach to building out specialized information services with recurring revenue models. The focus on geopolitical risk intelligence is particularly timely as businesses increasingly seek tools to navigate complex global threats and regulatory environments.

The transaction enhances Dow Jones's competitive positioning in the high-margin B2B risk intelligence market, which typically features strong client retention rates and subscription-based revenue. By integrating specialized geopolitical intelligence capabilities from both acquired companies, Dow Jones strengthens its value proposition to multinational corporations, financial institutions, and public sector clients—potentially driving cross-selling opportunities across its portfolio of professional information services.

NEW YORK--(BUSINESS WIRE)-- Dow Jones today announced it has completed the acquisition of Dragonfly Intelligence, a geopolitical and security intelligence provider, and Oxford Analytica, a provider of geopolitical intelligence advisory services. Dow Jones acquired the two companies from FiscalNote Holdings, Inc. (NYSE: NOTE) for $40 million. Dow Jones' parent company, News Corp, expects to receive a $4 million tax benefit in connection with the transaction.

Dragonfly and Oxford Analytica will operate as part of Dow Jones Risk & Compliance, complementing its existing product suite with proprietary geopolitical risk and security intelligence. The strategic acquisition is the latest in a series aimed at building Dow Jones’s portfolio of specialized news, data, analysis and events for business professionals.

Dragonfly provides geopolitical and security intelligence to crisis management, security and risk professionals, helping decision-makers at multinational companies, financial institutions and public sector entities solve complex business and operational challenges. With offices in London and Singapore, the company delivers real-time intelligence on potential and ongoing security risks, including early warning detection and forecasting to anticipate threats, risk rating systems around potential major disruptions, and personalized access to key analysts.

Founded in 1975 and based in the UK, Oxford Analytica is a leading provider of macroeconomic and geopolitical risk analysis, helping businesses navigate complex markets and stay ahead of the geopolitical and macroeconomic developments impacting their organizations. The company draws on a worldwide network of experts to deliver trusted global insights and seasoned judgments on global issues, and to advise clients on strategies, operations, policies and investments.

“The addition of Dragonfly Intelligence and Oxford Analytica to our Dow Jones Risk & Compliance portfolio will enhance our ability to provide essential, reliable news and information to businesses navigating the increasingly complex geopolitical and economic landscape,” said Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal. “More than ever, businesses and executives need support, and Dow Jones stands ready to deliver with a growing roster of world-class tools and services.”

This acquisition comes at a time of continued growth and expansion for Dow Jones Risk & Compliance. In its fiscal year 2024 earnings, revenue for the business grew 16% year over year to nearly $300 million, driven by continued growth from its data products and services. The company also acquired WorldECR, a provider of news, data and analysis on global export control and trade sanctions, and expanded its ownership stake in Ripjar, a global data intelligence software provider, last year.

These investments underscore the importance of the risk and compliance business to Dow Jones, as well as the company’s commitment to becoming a vital information service provider for the growing risk and compliance community. Baker & Hostetler LLP served as legal counsel to Dow Jones on this transaction.

About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250331146057/en/

Press Contact

Lauren McCabe

lauren.mccabe@dowjones.com

Source: Dow Jones

FAQ

How much did Dow Jones pay for Dragonfly Intelligence and Oxford Analytica?

Dow Jones acquired both companies from FiscalNote Holdings (NYSE: NOTE) for $40 million, with an expected $4 million tax benefit.

What is the revenue growth of Dow Jones Risk & Compliance division in FY2024?

The division grew 16% year over year to nearly $300 million in fiscal year 2024.

What services do Dragonfly Intelligence and Oxford Analytica provide?

Dragonfly provides geopolitical and security intelligence services, while Oxford Analytica offers macroeconomic and geopolitical risk analysis through its global expert network.

How will these acquisitions benefit Dow Jones's business operations?

The acquisitions enhance Dow Jones Risk & Compliance's ability to provide geopolitical risk and security intelligence services to businesses navigating complex markets.

What other recent acquisitions has Dow Jones made in the risk and compliance sector?

Dow Jones recently acquired WorldECR and expanded its stake in Ripjar, a global data intelligence software provider.