WASHINGTON, Dec. 29, 2021 /PRNewswire/ -- FiscalNote, a
leading AI-driven enterprise SaaS company that delivers legal and
regulatory data and insights, announces it has entered into a
definitive agreement to acquire Aicel Technologies ("Aicel"), a
rapidly-expanding, Seoul,
Korea-based alternative data company that provides unique
alpha-capturing dataset solutions and extracts value and actionable
insights to drive business solutions for emerging fintech markets
around the world.
With this latest acquisition, FiscalNote achieves its FY2021
M&A target goal and remains on track for run-rate revenues
in-line with its publicly provided guidance. The deal is expected
to close in the first quarter of 2022, pending regulatory review
and customary closing conditions.
Founded in 2016 and led by CEO Min
Kim, Aicel processes both proprietary and licensed data,
such as trade and export information, patent filings, aggregated
consumer and retail transactions, food delivery and home-sharing
data, e-Commerce sales information, and ESG metrics on a
subscription basis for customers - such as asset management
companies, multinational corporations, hedge funds, investment
firms, and corporations, amongst others. Aicel leverages advanced
technology to collect, refine, process, and deliver tailored data
to customers, while powering a data exchange marketplace through
its Data-as-a-Service model to enable third-party data providers
and vendors to rapidly partner with Aicel to market new datasets
quickly and efficiently.
"We're excited about bringing Aicel into FiscalNote because,
much like us, technology has always been core to Aicel's DNA," said
FiscalNote co-founder and CEO, Tim
Hwang. "We look forward to collaborating with Aicel's team
to further penetrate the alternative data and fintech industries,
while continuing to develop capabilities to serve the regulated
sectors of the future, such as ride sharing, the gig economy,
e-Commerce, food delivery, and more."
Alternative data for financial institutions continues to be an
attractive and fast-growing international market. By acquiring
Aicel, FiscalNote will gain access to a deeper customer base in an
expanding and increasingly regulated marketplace. Doubling its
revenue this past year, Aicel is uniquely positioned to continue
expanding its customer base and revenues through a strong network
of established partners, as well as sales and marketing
relationships with leading firms. Aicel's Kim will continue to lead
the division upon closing.
Once completed, the acquisition of Aicel strengthens
FiscalNote's existing business in alternative data sources across
the emerging fintech, capital markets, and financial services
industries, deepening its expertise in sophisticated data
management, data ingestion, and API development for its worldwide
customers, while driving new revenue growth in Korea, the
Asia-Pacific region, Europe, and the U.S. In addition to
FiscalNote's Forge.AI and Predata offerings, Aicel will give
FiscalNote considerable global coverage for organizations
interested in extracting deep insights attainable only by
leveraging advanced data technologies.
"We're incredibly proud to join the FiscalNote team and the
pioneering technology it's developing and deploying," noted Kim.
"We look forward to leveraging the FiscalNote team's expertise and
global scale to support Aicel's continued growth as we enter this
exciting new stage."
On November 8, 2021, FiscalNote
and Duddell Street Acquisition Corp. (Nasdaq: DSAC), a publicly
traded special purpose acquisition company, announced they have
entered into a definitive business combination agreement that, upon
closing (which is subject to regulatory review and customary
closing conditions), will result in FiscalNote becoming a publicly
listed company with a pro forma market capitalization of
approximately $1.3 billion. Upon
closing, the combined company will operate under the FiscalNote
name and publicly trade under the ticker symbol "NOTE".
About FiscalNote
FiscalNote is a leading global technology provider of legal
and policy data and insights. By combining AI capabilities, expert
analysis, and legislative, regulatory, and geopolitical data,
FiscalNote is reinventing the way that organizations minimize risk
and capitalize on opportunity. Home to CQ, Roll Call, Oxford
Analytica, and VoterVoice, FiscalNote empowers clients worldwide to
monitor, manage, and act on the issues that matter most to them. To
learn more about FiscalNote and its family of brands, visit
FiscalNote.com and follow @FiscalNote.
Contacts:
Media
FiscalNote
Nicholas Graham
press@fiscalnote.com
Investors
ICR, Inc. for FiscalNote
Sean Hannan
IR@fiscalnote.com
Additional Information and Where to Find It
In connection with its proposed business combination with
FiscalNote Holdings, Inc. (FiscalNote), Duddell Street Acquisition
Corp. ("Duddell Street") has filed relevant materials with the
Securities and Exchange Commission ("SEC"), including a
registration statement on Form S-4, which includes a proxy
statement/prospectus of Duddell Street, and will file other
documents regarding the proposed business combination with the SEC.
Duddell Street's shareholders and other interested persons are
advised to read the preliminary proxy statement/prospectus and the
amendments thereto and, when available, the definitive proxy
statement and documents incorporated by reference therein filed in
connection with the proposed business combination, as these
materials will contain important information about FiscalNote,
Duddell Street and the proposed business combination. Promptly
after the Form S-4 is declared effective by the SEC, Duddell Street
will mail the definitive proxy statement/prospectus and a proxy
card to each shareholder entitled to vote at the meeting relating
to the approval of the business combination and other proposals set
forth in the proxy statement/prospectus. Before making any voting
or investment decision, investors and shareholders of Duddell
Street are urged to carefully read the entire registration
statement and proxy statement/prospectus, when they become
available, and any other relevant documents filed with the SEC, as
well as any amendments or supplements to these documents, because
they will contain important information about the proposed business
combination. The documents filed by Duddell Street with the SEC may
be obtained free of charge at the SEC's website at www.sec.gov.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Participants in the Solicitation
Duddell Street and its directors and executive officers may be
deemed participants in the solicitation of proxies from its
shareholders with respect to the business combination. A list of
the names of those directors and executive officers and a
description of their interests in Duddell Street is included in the
proxy statement/prospectus for the proposed business combination,
which is available at www.sec.gov. and can be obtained free of
charge from the source indicated above.
FiscalNote and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
shareholders of Duddell Street in connection with the proposed
business combination. A list of the names of such directors and
executive officers and information regarding their interests in the
proposed business combination is included in the proxy
statement/prospectus for the proposed business combination.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, plans, objectives,
expectations and intentions with respect to future operations,
products and services; and other statements identified by words
such as "will," "are expected to," "is anticipated," "estimated,"
"believe," "intend," "plan," "projection," "pro forma," "outlook"
or words of similar meaning. These forward-looking statements
include, but are not limited to, statements regarding FiscalNote's
industry and market sizes, future opportunities for FiscalNote and
Duddell Street, FiscalNote's estimated future results and the
proposed business combination between Duddell Street and
FiscalNote, including pro forma market capitalization, pro forma
revenue, the expected transaction and ownership structure and the
likelihood, timing and ability of the parties to successfully
consummate the proposed transaction. Such forward-looking
statements are based upon the current beliefs and expectations of
Duddell Street's and FiscalNote's management and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are difficult to
predict and generally beyond Duddell Street's or FiscalNote's
control. Actual results and the timing of events may differ
materially from the results anticipated in these forward-looking
statements. Except as required by law, Duddell Street and
FiscalNote do not undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fiscalnote-announces-agreement-to-acquire-south-korea-based-alternative-data-solutions-and-software-leader-aicel-technologies-301451409.html
SOURCE FiscalNote
