FiscalNote to Sell More Non-Essential Assets with Definitive Agreement

On May 5, 2025, FiscalNote Holdings, Inc. announced a definitive agreement to divest its Australian subsidiary, TimeBase, to Thomson Reuters Corporation for $6.5 million. The deal aims to streamline operations, strengthen the balance sheet, and improve overall efficiency. This divestiture marks a strategic move to reduce debt, enhance operational capabilities, and fast-track the achievement of positive free cash flow.

Despite the financial implications of this divestiture, FiscalNote remains resolute in its full-year 2025 financial forecast. The company projects total revenues ranging from $94 to $100 million with adjusted EBITDA projected between $10 to $12 million. This reaffirmation underscores the company’s unwavering confidence in its operational strategy and competence amidst market volatility. Positive indicators and recent investments in the core policy offering, including the launch of the PolicyNote platform, signify the potential for accelerated performance, particularly in the latter part of the year.

FiscalNote attained TimeBase in May 2021 as part of its expansion into the APAC region. With TimeBase operating autonomously without any cross-selling into FiscalNote’s existing customer base, it contributes approximately $1.3 million to FiscalNote’s total GAAP revenue of $120.3 million as of December 31, 2024. Moving forward, FiscalNote will continue to cater to Australian customers through its PolicyNote platform and related services. The divestiture does not compromise the provision of Australian policy and regulatory intelligence as it remains an integral component of the global PolicyNote data set.

CEO & President of FiscalNote, Josh Resnik, emphasized the significance of this divestiture in enhancing strategic focus, streamlining operations, and fortifying the company’s financial position to facilitate long-term growth. By concentrating efforts on core products and reinforcing the balance sheet, FiscalNote aims to establish a robust foundation for sustainable development.

Legal guidance for the transaction is provided by Womble Bond Dickinson (US) LLP & King & Wood Mallesons (AUS). FiscalNote, recognized for its AI-driven policy and regulatory intelligence solutions, combines proprietary AI technology, extensive data, and years of reliable analysis to assist clients in navigating political and business risks effectively. The company has been at the forefront of delivering critical insights to facilitate informed decision-making, thus offering organizations a competitive edge in their respective sectors. FiscalNote operates globally with offices in North America, Europe, Asia, and Australia.

Thomson Reuters, renowned for bringing together trusted content and technology for making informed decisions, serves professionals across various fields such as legal, tax, accounting, compliance, and media. The company’s commitment to empowering individuals and institutions with data, intelligence, and solutions underscores its dedication to fostering justice, truth, and transparency.

In conclusion, FiscalNote’s divestiture of TimeBase signifies a strategic move towards strengthening operational efficiency, reducing debt, and accelerating the path to positive cash flow. The company remains committed to its financial forecast for FY 2025 and is confident in its focused strategy to drive growth and shareholder value.