Known for its Subscription Security
Intelligence and Analysis Service SaaS Platform, Dragonfly Empowers
Its Expansive, Diverse Base of Customers with Actionable
Intelligence, Data, and Advisory for Mission-Critical
Solutions
Dragonfly Broadens FiscalNote’s Geopolitical
& Marketplace Portfolio, Provides High-Growth Annual Recurring
Revenue, & Expands Global Customer Footprint
FiscalNote Holdings, Inc. (NYSE: NOTE) ("FiscalNote"), a
leading AI-driven enterprise SaaS technology provider of global
policy and market intelligence, today announced the acquisition of
Dragonfly Eye Ltd. (“Dragonfly”), a UK-based geopolitical and
security intelligence provider of actionable data and analysis
delivered through Dragonfly’s SaaS-based, proprietary Security
Intelligence and Analysis Service (SIAS) subscription platform and
API.
With offices in London, New York, and Singapore - Dragonfly
provides security, crisis management, and risk professionals at
leading multinational companies, financial institutions, public
sector entities, and NGOs with real-time mission-critical
intelligence about potential and ongoing security risks to
operations, early warning detection and forecasting to anticipate
threats, risk rating systems around potential major disruptions,
and access to key analysts and embedded intelligence. Dragonfly’s
flagship SIAS platform is used by nearly half of the top 30
companies in the FTSE-500, and by 90% of the world’s top 11
banks.
“FiscalNote’s ambitious acquisition strategy continues to be
fueled by a robust pipeline, with Dragonfly becoming our third
announced M&A deal since our public listing,” said Tim Hwang,
Chairman, CEO, and Co-founder, FiscalNote. “The addition of
Dragonfly will power FiscalNote’s promising organic and inorganic
revenue growth, broaden our global customer base, and provide
significant upsell and cross-sell opportunities. Dragonfly’s
recession-resilient and forward-looking solutions will help our
customers advance business objectives while protecting their
people, operations, assets, and brand with precision, leading to
greater confidence and stability in a time of tumult and crises in
every corner of the world.”
Dragonfly serves a global customer base facing unprecedented
threats and risks to business operations and people, which can
quickly become disruptive board-level and material concerns,
requiring intensive and persistent monitoring and evaluation. These
include ongoing supply chain disruptions, continuing COVID-19
outbreaks, rising terror incidents, surging cybercrime attacks and
damage, and an increased focus on corporates by political
activists. Dragonfly provides solutions by offering a
forward-looking view of global risks and threats for strategic and
tactical decision-making, opportunity identification, and risk
mitigation. Dragonfly tracks hostile intent and sentiment,
extremist propaganda, criminal threats, exposure of sensitive or
privileged information, and other risks to customers from a range
of actors - from fixed individuals to terrorist groups.
Dragonfly’s robust and comprehensive suite of market-leading
products and services include:
- Security Intelligence & Analysis Service (SIAS): the
essential subscription-based SaaS platform for corporate security
and crisis management professionals, featuring all-source
intelligence from the widest range of open and human sources,
surface and dark web, and third-party datasets which are fed into
proprietary methodology to produce Risk Ratings, identify
underlying trends, and formulate risk intelligence strategies.
- TerrorismTracker: the definitive, industry-leading databank for
counter-terrorism professionals, tracking and analyzing almost
70,000 incidents and plots and updated daily with activity that is
geolocated, summarized, and indexed by 17 different
categories.
- Protective Intelligence and Political Risk Advisory: customized
services safeguard people, organizations, events, brands, and
assets from threats by adding a layer of investigative,
counter-intelligence, and cyber security methods, while also
forecasting political risks in emerging markets to support investor
decision-making and security evaluation.
The addition of Dragonfly provides a number of benefits to
FiscalNote’s business and customers:
- a highly successful, recession-resilient, and stable
subscription-driven business - a long-term growth compounder fueled
by double-digit, year-over-year growth; an average customer
lifespan of more than three years; a net customer retention rate
consistently exceeding 100 percent; and a geographic- and
industry-diverse global base of blue-chip clients.
- upsell and cross-sell opportunities that expand and amplify
FiscalNote’s product toolkit - bolstering FiscalNote’s
‘land-and-expand’ strategy & driving further revenue
opportunities.
- development of an enhanced offering combining FiscalNote’s
Predata platform of security intelligence for public sector clients
with Dragonfly’s expertise in security and risk intelligence for
private, commercial sector clients.
Dragonfly has 2022 unaudited revenue of approximately ₤6m GBP,
the majority of which is annual recurring revenue (ARR). The
company is accretive to FiscalNote's Adjusted EBITDA upon
acquisition.
“Dragonfly supplements and strengthens the robust suite of
turnkey products within our Geopolitical & Market Intelligence
portfolio, allowing FiscalNote to expand into a strategic adjacent
market, reach new customer personas in a rapidly growing, in-demand
space, and provide even more value for the world’s most important
decision-makers,” said FiscalNote’s President & Chief Operating
Officer, Josh Resnik. “Dragonfly’s security-based SaaS platform
aligns with our existing products by offering tactical, actionable
solutions in operational planning for corporate security leaders
who are an increasingly strategic and essential function within the
enterprise.”
“We set out to find a partner who shared our vision for
technology-driven, client-focused, actionable, and forward-looking
intelligence, and we are delighted to be joining FiscalNote, which
so closely mirrors our approach and aspirations,” said Dragonfly’s
CEO, David Claridge. “This combination significantly strengthens
our ability to build upon our established reputation as a
geopolitical and security risk intelligence service with
FiscalNote’s technological expertise and exceptional stable of
businesses focused on geopolitical and market intelligence.”
FiscalNote’s acquisition of Dragonfly closed with a transaction
multiple in line with the company's historical acquisitions. Cowen
acted as exclusive financial advisor and BCPL acted as exclusive
legal advisor to Dragonfly with respect to the transaction.
About FiscalNote
FiscalNote (NYSE: NOTE) is a leading technology provider of
global policy and market intelligence. By uniquely combining AI
technology, actionable data, and expert and peer insights,
FiscalNote empowers customers to manage policy, address regulatory
developments, and mitigate global risk. Since 2013, FiscalNote has
pioneered technology that delivers mission-critical insights and
the tools to turn them into action. Home to CQ, Equilibrium,
FrontierView, Oxford Analytica, VoterVoice, and many other
industry-leading brands, FiscalNote serves more than 5,000
customers worldwide with global offices in North America, Europe,
Asia, and Australia. To learn more about FiscalNote and its family
of brands, visit FiscalNote.com and follow @FiscalNote.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or FiscalNote’s future
financial or operating performance. For example, statements
regarding FiscalNote’s financial outlook for future periods,
expectations regarding profitability, capital resources, and
anticipated growth in the industry in which FiscalNote operates are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “pro forma,”
“may,” “should,” “could,” “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” “potential” or
“continue,” or the negatives of these terms or variations of them
or similar terminology. Such forward-looking statements are subject
to risks, uncertainties, and other important factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements.
Factors that may impact such forward-looking statements include
those discussed under the caption "Risk Factors" in FiscalNote’s
Current Report on Form 8-K filed with the SEC on August 2, 2022 and
other filings with the SEC. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by FiscalNote and its management, are inherently
uncertain. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. FiscalNote
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230127005094/en/
Media Nicholas Graham FiscalNote press@fiscalnote.com
Investors Sara Buda FiscalNote IR@fiscalnote.com
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