In its tenth such deal this year, the software company Tax Note to acquire market intelligence company DC FrontierView.
FiscalNote, the Penn Quarter-based policy media and software company, announced its latest acquisition on Monday. FrontierView’s technology, which offers industrial data and analysis tools, is used by more than 250 companies around the world, including Adidas, Cisco and Clorox. The terms were not disclosed, although it was noted that the current CEO Richard Leggett will remain at the helm of the company, as will its current management team.
The news follows an official announcement earlier this month that FiscalNote will be released to the public in 2022 following a merger with a special purpose acquisition company. Duddell Street Acquisition Corp. FiscalNote is estimated at $ 1.3 billion at the close of the transaction.
The FrontierView acquisition is also just the latest in a number of acquisitions by FiscalNote, which added nine companies to its portfolio this year. Among the transactions covered by Technical.ly was the company’s acquisition of Penn Quarter. Corner of the fire and Australia Time base in May, Factba.se head quarter FactSquaré in January and in the UK Oxford Analytica in February. FiscalNote also raised $ 160 million in growth capital and debt financing in 2020.
CEO Tim hwang told Technical.ly that this addition is part of the company’s strategy of making acquisitions that offer new product categories, industry sectors and / or geographies.
“FrontierView, from our perspective, will just continue our strategy of aggregating and finding intelligence assets as well as expanding the coverage of our information,” said Hwang, who will become the youngest CEO in the United States. Asian on a large stock exchange platform. in the United States when the company goes public.
According to Hwang, FrontierView has focused on macro views, which is a plus for FiscalNote, as well as income streams outside of the United States, particularly in Latin America and Asia. By making acquisitions, he added, FiscalNote looks for companies that can extend the reach of its content and information, and those that improve that information and software companies in general.
“FrontierView really falls into that first category, where we can just add an incremental dataset or a new content area that gives us a larger set of coverage areas or areas of interest, relative to industries,” said Hwang said.
Going forward, the acquisition of FrontierView is a signal of FiscalNote’s plans for 2022: growth. But, Hwang said, the company will take a step back and look at additional policy and issue areas and how these come into play with future product launches and acquisitions. In addition to geographic expansion, this could include anything from cryptocurrencies to ESG-centric businesses, or even autonomous and electric vehicles.
Overall, Hwang said, more acquisitions are still on the mind as the company makes plans following the public offering.
“[The FrontierView deal] Pretty much reinforces the strategy we have around continuous acquisitions, and I think we actually reaffirm our forecast for the end of the year, ”Hwang said.
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