FiscalNote Announces Definitive Agreement to Divest Additional Non-Core Assets to Fuel Policy-Focused Growth, Boost Profitability, and Strengthen Balance Sheet
FiscalNote Holdings (NYSE: NOTE) has announced a definitive agreement to sell Oxford Analytica and Dragonfly to Dow Jones for $40 million. The transaction, expected to close in Q1 2025, will help reduce FiscalNote's senior term loan and strengthen its balance sheet, resulting in a cumulative debt paydown of over 60% in the past year.
The divestiture of these UK-based portfolio companies from FiscalNote's Global Intelligence business aligns with the company's strategy to focus on its core Policy platform serving 4,000+ global policy customers. The sale aims to streamline operations, expand Adjusted EBITDA margins, and accelerate the path to positive free cash flow.
Oxford Analytica, acquired in February 2021, provides geopolitical analysis and advisory services, while Dragonfly, acquired in January 2023, offers global security intelligence services. Both businesses have operated independently of FiscalNote's core products.
FiscalNote Holdings (NYSE: NOTE) ha annunciato un accordo definitivo per vendere Oxford Analytica e Dragonfly a Dow Jones per 40 milioni di dollari. La transazione, prevista per chiudere nel primo trimestre del 2025, contribuirà a ridurre il prestito senior di FiscalNote e a rafforzare il suo bilancio, portando a una riduzione cumulativa del debito di oltre il 60% nell'ultimo anno.
La dismissione di queste società del portafoglio con sede nel Regno Unito dall'unità Global Intelligence di FiscalNote si allinea con la strategia dell'azienda di concentrarsi sulla sua piattaforma Policy, che serve oltre 4.000 clienti politici in tutto il mondo. La vendita mira a snellire le operazioni, espandere i margini di EBITDA rettificato e accelerare il percorso verso un flusso di cassa libero positivo.
Oxford Analytica, acquisita a febbraio 2021, fornisce analisi geopolitiche e servizi di consulenza, mentre Dragonfly, acquisita a gennaio 2023, offre servizi di intelligence sulla sicurezza globale. Entrambe le aziende hanno operato indipendentemente dai prodotti core di FiscalNote.
FiscalNote Holdings (NYSE: NOTE) ha anunciado un acuerdo definitivo para vender Oxford Analytica y Dragonfly a Dow Jones por 40 millones de dólares. Se espera que la transacción se cierre en el primer trimestre de 2025, lo que ayudará a reducir el préstamo a largo plazo de FiscalNote y fortalecer su balance, resultando en una reducción de deuda acumulada de más del 60% en el último año.
La desinversión de estas empresas del portafolio con sede en el Reino Unido de la unidad Global Intelligence de FiscalNote se alinea con la estrategia de la compañía de enfocarse en su plataforma Policy, que atiende a más de 4,000 clientes políticos en todo el mundo. La venta tiene como objetivo optimizar las operaciones, expandir los márgenes de EBITDA ajustado y acelerar el camino hacia un flujo de caja libre positivo.
Oxford Analytica, adquirida en febrero de 2021, proporciona análisis geopolíticos y servicios de asesoría, mientras que Dragonfly, adquirida en enero de 2023, ofrece servicios de inteligencia de seguridad global. Ambas empresas han operado de forma independiente de los productos centrales de FiscalNote.
FiscalNote Holdings (NYSE: NOTE)는 Oxford Analytica와 Dragonfly를 Dow Jones에 4천만 달러에 판매하기로 한 최종 계약을 발표했습니다. 2025년 1분기에 거래가 마감될 것으로 예상되며, 이는 FiscalNote의 고위 대출을 줄이고 재무 상태를 강화하는 데 도움이 되어 지난 1년 동안 누적 부채 상환이 60% 이상 이루어지게 됩니다.
영국에 본사를 둔 이러한 포트폴리오 회사의 매각은 FiscalNote의 Global Intelligence 사업 부문의 전략과 일치하며, 4,000명 이상의 글로벌 정책 고객을 대상으로 하는 핵심 정책 플랫폼에 집중하고자 합니다. 이번 판매는 운영을 간소화하고, 조정된 EBITDA 마진을 확대하며, 긍정적인 자유 현금 흐름으로의 경로를 가속화하는 것을 목표로 하고 있습니다.
2021년 2월에 인수된 Oxford Analytica는 지정학적 분석 및 자문 서비스를 제공하며, 2023년 1월에 인수된 Dragonfly는 글로벌 보안 정보 서비스를 제공합니다. 두 사업 모두 FiscalNote의 핵심 제품과 독립적으로 운영되어 왔습니다.
FiscalNote Holdings (NYSE: NOTE) a annoncé un accord définitif pour vendre Oxford Analytica et Dragonfly à Dow Jones pour 40 millions de dollars. La transaction, qui devrait se conclure au premier trimestre 2025, contribuera à réduire le prêt senior de FiscalNote et à renforcer son bilan, entraînant une réduction cumulative de la dette de plus de 60 % au cours de l'année écoulée.
La cession de ces entreprises de portefeuille basées au Royaume-Uni par le biais de l'activité Global Intelligence de FiscalNote s'inscrit dans la stratégie de l'entreprise de se concentrer sur sa plateforme Policy, qui sert plus de 4 000 clients politiques dans le monde. La vente vise à rationaliser les opérations, à élargir les marges d'EBITDA ajusté et à accélérer le chemin vers un flux de trésorerie libre positif.
Oxford Analytica, acquise en février 2021, fournit des analyses géopolitiques et des services de conseil, tandis que Dragonfly, acquise en janvier 2023, offre des services d'intelligence en matière de sécurité mondiale. Les deux entreprises ont fonctionné indépendamment des produits principaux de FiscalNote.
FiscalNote Holdings (NYSE: NOTE) hat eine endgültige Vereinbarung zur Veräußertung von Oxford Analytica und Dragonfly an Dow Jones für 40 Millionen Dollar bekannt gegeben. Die Transaktion, die im ersten Quartal 2025 abgeschlossen werden soll, wird dazu beitragen, das Senior-Darlehen von FiscalNote zu reduzieren und die Bilanz zu stärken, was zu einer kumulierten Schuldenreduzierung von über 60% im vergangenen Jahr führt.
Die Veräußerung dieser in Großbritannien ansässigen Portfoliounternehmen aus dem Global Intelligence-Geschäft von FiscalNote steht im Einklang mit der Strategie des Unternehmens, sich auf seine Kernplattform Policy zu konzentrieren, die über 4.000 globale Politik-Kunden bedient. Der Verkauf zielt darauf ab, die Abläufe zu optimieren, die bereinigten EBITDA-Margen zu erweitern und den Weg zu einem positiven freien Cashflow zu beschleunigen.
Oxford Analytica, das im Februar 2021 übernommen wurde, bietet geopolitische Analysen und Beratungsdienste an, während Dragonfly, das im Januar 2023 übernommen wurde, globale Sicherheitsdienstleistungen anbietet. Beide Unternehmen haben unabhängig von den Kernprodukten von FiscalNote operiert.
- Sale of non-core assets for $40 million strengthens balance sheet
- Debt reduction of over 60% in the past year
- Expected expansion of Adjusted EBITDA margins
- Streamlined operations focusing on core policy platform
- Divestment of revenue-generating assets
- Transaction subject to antitrust clearance and closing conditions
- Company still not cash flow positive
Insights
The $40 million divestiture of Oxford Analytica and Dragonfly marks a pivotal transformation for FiscalNote, representing a strategic pivot that goes beyond mere asset disposal. This transaction is particularly noteworthy as it addresses multiple critical aspects of FiscalNote's business model and financial health.
The deal's structure reveals sophisticated financial engineering: by divesting these UK-based assets to Dow Jones, FiscalNote achieves a dual objective of debt reduction and operational streamlining. The resulting debt paydown, exceeding 60% of their senior term loan within a year, is especially significant given FiscalNote's market capitalization of approximately
The strategic implications are multifaceted:
- The divestiture of these independently operated units suggests minimal revenue synergy loss while potentially improving operating margins through reduced complexity
- The focus on core Policy solutions, particularly the AI-powered PolicyNote platform, positions FiscalNote more clearly in the high-margin, recurring revenue SaaS segment
- The timing aligns with increased demand for AI-driven policy intelligence solutions, particularly as global regulatory complexity increases
The transaction's valuation appears reasonable considering these were relatively recent acquisitions (Oxford Analytica in 2021 and Dragonfly in 2023). For Dow Jones, these assets complement their existing business intelligence offerings and strengthen their position in geopolitical and security analysis.
The market implications extend beyond the immediate financial impact. This strategic realignment positions FiscalNote as a pure-play policy intelligence provider, potentially commanding higher valuation multiples typical of focused SaaS companies. The accelerated path to positive free cash flow, combined with expanded Adjusted EBITDA margins, suggests a more sustainable business model that could attract institutional investors focused on profitable growth.
Sale of Oxford Analytica and Dragonfly to Dow Jones for
Sale Allows the Company to Focus on Its 4,000+ Global Policy Customers, Drive Further Operating Efficiencies, Increase Profitability, and Accelerate Path to Positive Free Cash Flow
Board of Directors Continues to Review All Strategic Options Available to the Company to Maximize Shareholder Value
The resulting net proceeds provide FiscalNote a return of capital that helps reduce its senior term loan and strengthens its balance sheet while further simplifying the business as it reduces complexity and drives more productivity, efficiency, and profitability.
Oxford Analytica, acquired by FiscalNote in February 2021, produces geopolitical analysis and provides advisory services to help customers understand and respond to political, economic, and societal risks. Dragonfly, acquired by FiscalNote in January 2023, provides forward-looking global security intelligence and data that customers utilize to keep operations, personnel, and assets safe. The Oxford Analytica and Dragonfly businesses have offered their products independently of FiscalNote’s core products. Oxford Analytica and Dragonfly are each primarily based in the
Commenting on this transaction, Josh Resnik, FiscalNote’s CEO & President, said, “We have committed to driving product-led growth, expanding profitability, and improving our balance sheet. With today’s announcement, we are continuing to deliver. This divestiture enables us to pay down a significant portion of our senior term loan, resulting in a cumulative paydown of more than 60 percent in the past year. Beyond strengthening our financial position, this move will streamline operations, expand Adjusted EBITDA margins, and accelerate our path to positive free cash flow. It also will further sharpen our focus on our core Policy solutions – including PolicyNote, our cutting-edge AI-powered policy management solution – to drive growth. Make no mistake: we are executing a proven playbook in a market where we lead, and we will deliver enduring growth and sustained, long-term value for customers and shareholders – just as we said we would.”
Solomon Partners is serving as exclusive financial advisor and Greenberg Traurig, LLP is serving as legal counsel to FiscalNote on the transaction.
About FiscalNote
FiscalNote (NYSE: NOTE) is the leading SaaS provider of policy and regulatory intelligence. By uniquely combining proprietary AI technology, comprehensive data, and decades of trusted analysis, FiscalNote helps customers manage political and business risk. Since 2013, FiscalNote has pioneered solutions that deliver critical insights, enabling efficient decision making and giving organizations the competitive edge they need. Home to CQ, Roll Call, VoterVoice, and many other industry-leading brands, FiscalNote serves thousands of customers worldwide with global offices in
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).
Safe Harbor Statement
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote’s future financial or operating performance. For example, statements regarding FiscalNote’s financial outlook for future periods, expectations regarding profitability, capital resources and anticipated growth in the industry in which FiscalNote operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Factors that may impact such forward-looking statements include FiscalNote’s ability to achieve and sustain organic growth; changes in FiscalNote’s strategy, future operations, financial position, estimated revenue and losses, forecasts, projected costs, prospects and plans; FiscalNote’s future capital requirements; FiscalNote’s ability to service its repayment obligations and maintain compliance with covenants and restrictions under its existing debt agreements; demand for FiscalNote’s services and the drivers of that demand; FiscalNote’s ability to provide highly useful, reliable, secure and innovative products and services to its customers; FiscalNote’s ability to attract new customers, retain existing customers, expand its products and service offerings with existing customers, expand into geographic markets or identify areas of higher growth; any cost reduction initiatives undertaken by FiscalNote; FiscalNote’s ability to successfully integrate acquired businesses and services, and subsequently grow acquired businesses; risks associated with international operations, including compliance complexity and costs, increased exposure to fluctuations in currency exchange rates, political, social and economic instability, and supply chain disruptions; FiscalNote’s ability to develop, enhance, and integrate its existing platforms, products, and services; FiscalNote’s estimated total addressable market and other industry and performance projections; FiscalNote's reliance on third-party systems and data, its ability to integrate such systems and data with its solutions and its potential inability to continue to support integration; potential technical disruptions, cyberattacks, security, privacy or data breaches or other technical or security incidents that affect FiscalNote’s networks or systems or those of its service providers; FiscalNote’s ability to obtain and maintain accurate, comprehensive, or reliable data to support its products and services; FiscalNote’s ability to introduce new features, integrations, capabilities, and enhancements to its products and services; FiscalNote’s ability to maintain and improve its methods and technologies, and anticipate new methods or technologies, for data collection, organization, and analysis to support its products and services; competition and competitive pressures in the markets in which FiscalNote operates, including larger well-funded companies shifting their existing business models to become more competitive with FiscalNote; FiscalNote’s ability to comply with laws and regulations in connection with selling products and services to
These and other important factors discussed in FiscalNote’s SEC filings, including its most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FiscalNote and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FiscalNote undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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Media
Nicholas Graham
FiscalNote
press@fiscalnote.com
Investor Relations
Bob Burrows
FiscalNote
IR@fiscalnote.com
Source: FiscalNote
FAQ
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