D.C.-based FiscalNote continues to expand its data-driven information business with plans to acquire South Korean software maker Aicel Technologies for an undisclosed sum.
Aicel is an alternative data company for emerging fintech markets, which means it evaluates company profiles based on more than just traditionally-available company data. Its insights are focused on emerging fintech markets globally.
Customers for its data analytics include hedge funds, investment firms and asset management companies.
FiscalNote, whose acquisitions include $180 million for CQ Roll Call in 2018, expects to close on this current acquisition in the first quarter of 2022.
Aicel, founded in 2016, has doubled its revenue in the past year, capitalizing on the fast-growing demand for alternative data by financial institutions. Its acquisition will expand FiscalNote’s existing business in alternative data sources.
FiscalNote, largely a legal and regulatory software tracking company, will become a publicly traded company in the first quarter of 2022, with an initial public offering through a special purpose acquisition company (SPAC) merger. It will value the company at $1.3 billion.
FiscalNote’s backers include AOL co-founder Steve Case, Yahoo! co-founder Jerry Yang, billionaire Mark Cuban and Winklevoss Capital.
The public offering will make FiscalNote co-founder and CEO, 29-year-old Tim Hwang, the youngest Asian-American founder and CEO on a major U.S. stock exchange. It will trade on the Nasdaq under the ticker symbol “NOTE.”
FiscalNote was founded in 2013. It uses AI and machine learning to collect and analyze legislative, regulatory and geopolitical data for clients.
The CQ Roll Call acquisition gained access to its subscriber-based services for news, data and analysis about Congress and legislation.
