In its tenth such transaction this year, the software company TaxNote to Acquire DC’s Market Information Company FrontierView.
FiscalNote, the Penn Quarter-based politics and media software company, announced its latest acquisition on Monday. FrontierView’s technology, which offers industry data and analysis tools, is used by more than 250 companies worldwide, including Adidas, Cisco and Clorox. Terms were not disclosed, although it was noted that the current CEO Richard Leggett will remain at the helm of the company, along with its current management team.
This news follows an official announcement earlier this month that FiscalNote will go public in 2022 following a merger with a special purpose acquisition company. Duddell Street Acquisition Corp.. FiscalNote is estimated at $1.3 billion upon closing of the deal.
The acquisition of FrontierView is also just the latest in a series of acquisitions by FiscalNote, which has added nine companies to its portfolio this year. Among the transactions covered by Technical.ly was the company’s acquisition of another Penn Quarter company Corner of the fire and australia time basis in May, Factba.se head quarter FactSquared in January and in the UK Oxford Analytics 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 to make acquisitions that offer new product categories, lines of business and/or geographies.
“FrontierView, from our perspective, is just going to continue our strategy of aggregating and finding intelligence assets, as well as expanding our information coverage,” said Hwang, who will become the youngest U.S. CEO. Asian from a major stock exchange. in the United States when the company goes public.
According to Hwang, FrontierView emphasized macroeconomic views, which is a plus for FiscalNote, as well as revenue streams outside of the United States, particularly in Latin America and Asia. In making acquisitions, he added, FiscalNote seeks companies that can expand the reach of its content and information, and those that improve said information and general software companies.
“FrontierView really falls into that first category, where we can just add an incremental data set or a new content area that gives us a broader set of coverage areas or areas of interest, versus industries,” said Hwang said.
Looking ahead, 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 other policy and issue areas and how those will come into play with future product launches and acquisitions. In addition to geographic expansion, this could include anything from cryptocurrencies to ESG-focused companies, or even autonomous and electric vehicles.
Overall, Hwang said, other acquisitions are still on the mind as the company develops plans after the public offering.
“[The FrontierView deal] pretty much reinforces the strategy we have around continued acquisitions, and I think we are effectively reaffirming our year-end guidance,” Hwang said.
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