Market Overview

FiscalNote Completes $180M Acquisition of CQ Roll Call from The Economist Group


FiscalNote Founder Tim Hwang Will Lead the Company as Chairman and

FiscalNote, a technology innovator at the intersection of global
business and government that provides advanced, data-driven Issues
Management solutions, today announces that it has completed its
acquisition of CQ Roll Call from The Economist Group for $180 million
through a combination of cash and equity. The Economist Group obtains an
18 percent equity stake in FiscalNote, making it the largest single
shareholder of the company and Chris Stibbs, CEO of The Economist Group,
will join the board of directors. As part of the transaction, S&P Global
(NYSE:SPGI) takes a strategic equity investment in the D.C.-based
FiscalNote and appoints Mark Blake, its global head of corporate
development, as a Board Observer. FiscalNote Founder Tim Hwang remains
the largest individual shareholder and will lead the company going
forward as Chairman and CEO.

This strategic acquisition combines the strengths of complementary
businesses and will infuse CQ Roll Call's award-winning journalism and
content with FiscalNote's proprietary technology. The combined company,
now known as FiscalNote, will continue to offer award-winning journalism
along with products and services that provide access to large quantities
of data, news, and analysis for all levels of government to help
corporations, associations, and non-profits of all sizes manage their

"I am humbled by the opportunity to oversee the next phase of FiscalNote
growth while protecting the legacy and tradition of the CQ and Roll Call
brands," said Tim Hwang, CEO of FiscalNote. "The combination of
FiscalNote's technology with CQ Roll Call's non-partisan and unbiased
information and analysis creates an exciting opportunity to further our
mission of connecting the world to their governments, enabling us to
better serve customers and readers."

"I have every confidence in Tim's vision for the combined FiscalNote and
in his ability to lead the team to deliver best-in-class product
offerings," said Chris Stibbs, CEO of The Economist Group. "I look
forward to joining the FiscalNote Board of Directors and to helping
drive The Economist Group's investment in FiscalNote."

With the close of this transaction, FiscalNote becomes one of the
largest technology employers headquartered in Washington, D.C. The
company will expand its current office overlooking iconic Pennsylvania
Avenue between the U.S. Capitol and the White House, bringing the
combined company under one roof at the intersection of American politics.

FiscalNote is currently evaluating the processes, products, staff, and
technology capabilities from each company to determine the best ways to
combine the two groups. The company does not plan to make any additional
leadership announcements at this time; however, it will uphold CQ Roll
Call's editorial independence, while also identifying opportunities to
adapt and grow in a transforming digital news landscape.

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.

Transaction advisors for FiscalNote were West Arrow, Wilson Sonsini
Goodrich & Rosati, and Gibson, Dunn and Crutcher LLC. Transaction
advisors for The Economist Group were Ondra Partners and Morgan, Lewis &
Bockius LLP.

About FiscalNote

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.

Headquartered in Washington, DC, FiscalNote also maintains offices in
New York City, Baton Rouge, Korea, India, and Belgium. The company's
shareholders include prominent investors such as The Economist Group,
S&P Global, Mark Cuban, Jerry Yang/AME Cloud Ventures, Rise of the Rest,
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.

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