Fiscalnote Announces Agreement To Acquire South Korea-Based Alternative Data Solutions And Software Leader Aicel Technologies

Aicel Strengthens FiscalNote’s Data-as-a-Service (DaaS) Offerings, Deepening Expertise in Data Ingestion, Management, and API Development for the Fintech Industry on a Global Scale

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.

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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.

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Once completed, the acquisition of Aicel strengthens FiscalNote’s eisting 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. 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”.

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