FiscalNote, a leading AI-driven enterprise SaaS company that delivers market intelligence and data insights, has closed its previously-announced agreement to acquire Aicel Technologies, a rapidly-growing alternative data company based in Seoul, South Korea. Aicel provides proprietary alpha-capturing datasets and extracts unique value and actionable insights to drive critical and timely business solutions for global financial markets.
“We’re pleased to bring this critical transaction to a close, and welcome Aicel Technologies to the FiscalNote family of world-class products and market-leading brands,” said Tim Hwang, FiscalNote’s Co-founder, Chairman, and CEO. “Aicel will greatly enhance the breadth and scope of the AI data solutions offerings FiscalNote provides on a global scale for customers who seek to leverage data-driven intelligence and insights to power their decision-making processes and reach their business objectives. Aicel also enables FiscalNote to accelerate our market leadership not only in the South Korea marketplace, but the APAC region as a whole – catalyzing increased opportunities for our growth, access to a wider base of customers, and the addition of key engineering, AI, and R&D talent to our ranks.”
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The acquisition of Aicel further strengthens FiscalNote’s existing AI data products – such as market leaders FiscalNote AI Solutions, DataHunt, and Predata – and its growth strategy in multiple ways, including by:
- Expanding FiscalNote’s alternative data sources across the emerging fintech, capital markets, and financial services industries;
- Deepening FiscalNote’s expertise in sophisticated artificial intelligence, data transformation, data ingestion, and API development for its customers;
- Providing access to a blue-chip customer base for FiscalNote in a high-growth and increasingly regulated marketplace;
- Driving new revenue opportunities in South Korea, the Asia-Pacific region, Europe, and the U.S.; and
- Establishing Seoul as a leading hub for FiscalNote, building upon its existing presence.
Aicel – which doubled its revenue in the past year – will immediately augment FiscalNote’s wide-ranging global coverage for a variety of current and prospective customers who are interested in extracting deep insights attainable only by leveraging advanced AI data technologies. Furthermore, Aicel’s combination with FiscalNote will accelerate the continued expansion of its customer base and revenues through a strong network of established partners, as well as sales and marketing relationships with leading firms.
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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 others. Aicel deploys 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 develop new datasets quickly and efficiently.
“We’re incredibly excited to start our work with Aicel and their talented team of highly-skilled professionals,” said Josh Resnik, President & COO, FiscalNote. “Aicel will further bolster FiscalNote’s unique decision intelligence capabilities, empowering our clients to leverage our proprietary artificial intelligence technology to better inform their decision-making. This also further expands FiscalNote’s defensible technology stack, and continues our M&A-driven value creation to supplement our organic product development efforts, where we have had remarkable success on behalf of our customers through related AI solutions such as DataHunt.”
Kim, who will continue to lead Aicel as part of FiscalNote’s AI Solutions offering, said: “Our team is inspired by FiscalNote’s vision and success and we are more than excited to become part of the FiscalNote family. Through this exciting combination, we see greater opportunities to better serve our markets and our customers.”
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