FiscalNote Holdings, Inc. acquired Dragonfly Eye Limited for £26.5 million.
January 27, 2023
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FiscalNote Holdings, Inc. (NYSE:NOTE) acquired Dragonfly Eye Limited for £26.5 million on January 27, 2023. The aggregate purchase price consists of (i) £4.5 million pounds sterling in cash, (ii) £9.5 million pounds sterling in shares of the Company's Class A Common Stock, par value 0.0001 per share (Common Stock), with an agreed upon value of £5.00 pounds sterling per share, and (iii) £9.0 million pounds sterling in aggregate principal amount of subordinated convertible promissory notes. Additionally, the Sellers are eligible to receive an additional payment from the Company of up to £3.5 million pounds sterling based on the achievement by Dragonfly of U.S. GAAP revenue targets for 2023. The purchase price is subject to customary adjustment based on working capital adjustments. Dragonfly has 2022 unaudited revenue of approximately £6 million. The company is accretive to FiscalNote's Adjusted EBITDA upon acquisition. Cowen acted as exclusive financial advisor. Patrick Johnson, Kurt Ma, Emma Keen, Aaron Lang, Eliot Robinson, Morgan Bassett, Emma Howdle-Fuller,Richard Shaw, Benjamin Wheeler, Mark Brailsford, David Dennison, Joby Davies, Adam Lambert, Anthony George, Mateen Khan of Bryan Cave Leighton Paisner LLP acted as exclusive legal advisor to Dragonfly with respect to the transaction,
FiscalNote Holdings, Inc. (NYSE:NOTE) completed the acquisition of Dragonfly Eye Limited on January 27, 2023.
FiscalNote Holdings, Inc. is a technology provider of global policy and market intelligence. By combining artificial intelligence (AI), and other technologies with analytics, workflow tools, and expert peer insights, the Company enables customers to manage policy change, address regulatory developments, and mitigate global risk. The Company delivers that intelligence through its suite of public policy and issue management products, including the FiscalNote core product, CQ Federal, EU Issue Tracker and Curate. In addition, it offers its customers expert and customized analysis through its geopolitical and market intelligence businesses, including FrontierView, a market intelligence advisory firm for global business professionals, Oxford Analytica, which provides strategic geopolitical intelligence analysis of world events, and Dragonfly Eye, a geopolitical and security intelligence service. Its FiscalNote portfolio also includes advocacy and constituent management services.