The Economist Group To Take 18% Stake and CEO To Join Board of Directors; FiscalNote CEO Tim Hwang to Lead Combined Company
WASHINGTON, July 25, 2018 – FiscalNote, a technology innovator at the intersection of global business and government that provides advanced, data-driven Issues Management solutions, today announces that it intends to acquire CQ Roll Call from The Economist Group. As part of the transaction, The Economist Group would obtain an 18 percent equity stake in the company, making it the largest single shareholder of FiscalNote. In addition, Chris Stibbs, CEO of The Economist Group would join the FiscalNote Board of Directors. FiscalNote Founder and CEO, Tim Hwang, would remain the largest individual shareholder and CEO of the company. This acquisition would anchor FiscalNote as one of the largest technology employers headquartered in Washington, D.C. and a global provider of Issues Management solutions.
This strategic acquisition would leverage the rich history of the CQ and Roll Call brands, trusted for their non-partisan and unbiased coverage of the federal government for decades and strength in federal content, to complement FiscalNote’s expertise in technology and real-time policy data and analytics to provide a broader suite of products and services in a dynamic market. In addition to bringing the combined company’s enhanced offerings to market, FiscalNote would uphold CQ Roll Call’s editorial independence while identifying opportunities to adapt and grow in a transforming digital news landscape.
“By acquiring CQ Roll Call, FiscalNote will be positioned to provide best-in-class solutions in the issues management space,” said Tim Hwang, CEO of FiscalNote. “We are excited to provide our clients with greater access to enhanced products that will inform their decision making and maximize their influence on government as they tackle the challenging issues impacting their business.”
“FiscalNote’s technology-driven approach to products and services is the perfect complement to CQ Roll Call’s editorial excellence and advocacy services,” said Chris Stibbs, CEO of The Economist Group. “I look forward to joining FiscalNote’s board of directors to support it on the next phase of its remarkable journey."
CQ Roll Call provides news, analysis and grassroots advocacy resources for government and political professionals. It is the premier source of timely, objective news and analysis on government and electoral politics. CQ Roll Call journalists have won more Dirksen Awards for “Distinguished Reporting of Congress” than any other organization.
The acquisition is expected to be finalized and completed later this year pending customary closing conditions.
For more information, contact:
SVP of corporate communications
FiscalNote’s mission is to connect the world to their governments. It is the leading technology innovator at the intersection of global business and government, whose revolutionary Issues Management solutions combine real-time policy data from Congress, all 50 states and nearly 30 countries with machine learning, advanced analytics, and innovative workflow tools to help organizations better understand the risks and opportunities of today’s socio-political environment.
With offices in DC, NYC, Baton Rouge, Seoul, India, and Brussels, the company has raised more than $50 million from prominent early-stage investors including Mark Cuban, Jerry Yang/AME Cloud Ventures, Steve Case, Renren, First Round Capital’s Dorm Room Fund, Green Visor Capital, MoneyToday, Visionnaire Ventures, Perle Ventures, NEA, and 645 Ventures.
Organizations — from small startups and non-profits to multinational corporations — that rely on FiscalNote’s suite of products and services include Toyota, Intel, Johnson & Johnson, the Pharmaceutical Care Management Association, Microsoft, PhRMA, Salesforce, the Consumer Technology Association, Anthem BlueCross BlueShield, Schlumberger, and the National Education Association.
About The Economist Group
The Economist Group is built on high-quality, independent analysis which runs through all of its businesses. Based in London and serving a global readership and client base, the group publishes print and digital products, produces global events, and offers a range of subscription and other services for clients and readers. Its flagship businesses include The Economist newspaper, and research and analysis division The Economist Intelligence Unit.
(July 25th 2018)