Press release
FiscalNote Announces Definitive Agreement to Divest Additional Non-Core Assets to Fuel Policy-Focused Growth, Boost Profitability, and Strengthen Balance Sheet
Sale of Oxford Analytica and Dragonfly to Dow Jones for $40 Million in Total Consideration Will Reduce Debt and Further Deleverage the Balance Sheet Sale
About this update from News Corporation
[{"type":"text","content":"\nSale of Oxford Analytica and Dragonfly to Dow Jones for $40 Million in Total Consideration Will Reduce Debt and Further Deleverage the Balance Sheet\n\n\nSale 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\n\n\nBoard of Directors Continues to Review All Strategic Options Available to the Company to Maximize Shareholder Value\n\n\n WASHINGTON--(BUSINESS WIRE)--\nFiscalNote Holdings, Inc. (NYSE: NOTE), a leading AI-driven enterprise SaaS technology provider of policy and global intelligence, today announced it has entered into a definitive agreement to divest two portfolio companies within its Global Intelligence business, Oxford Analytica and Dragonfly, to Dow Jones, a global news and information provider and division of News Corp, for total consideration of $40 million, continuing FiscalNote’s ongoing strategic shift to focus on its core Policy platform. The transaction is expected to close in Q1 2025, subject to receipt of antitrust clearance in Austria and other customary closing conditions. The transaction is not subject to any financing condition.\n\n\nThe 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.\n\n\nOxford 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 United Kingdom.\n\n\nCommenting 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 por...