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FiscalNote to go public in $1.3bn SPAC deal

Neudata News
9 Nov 2021

FiscalNote — a data vendor that provides predictive analytics on legislative and regulatory actions — has announced its intention to become a publicly listed company.

As part of the deal, FiscalNote will merge with a publicly traded special purpose acquisition company, or SPAC, called Duddell Street Acquisition Corp. The combined firm will trade on the Nasdaq under the ticker symbol “NOTE” and will have a pro forma market capitalisation of roughly $1.3bn.

The deal is one of the many billion-dollar valuations that data providers have achieved through SPAC deals in 2021. Earlier this year, Spire Global, Otonomo and Wejo all announced their intentions to go public via SPACs, as reported by Neudata News at the time.

FiscalNote has spent much of 2021 on an acquisition spree with the intention of enhancing its data offering. Over the past 12 months, it completed at least half-a-dozen purchases of fellow data providers, including Oxford Analytica, PredataFactSquaredTimeBase and Fireside.

The company’s further growth plans include providing data to track regulatory changes within “the regulated sectors of the future”, such as cryptocurrency, cannabis, autonomous and electric vehicles, the gig economy, ESG, tele-health, sports betting and online gaming.

 

Photo by Nico Frey on Unsplash