- FiscalNote Holdings, Inc. (NOTE, Financial) announces the divestiture of its Australian subsidiary, TimeBase, for $6.5 million to Thomson Reuters Corporation (TRI).
- The divestiture aims to reduce debt, enhance operational efficiencies, and aid in achieving positive free cash flow.
- FiscalNote reaffirms its 2025 fiscal guidance, maintaining projected total revenues of $94-$100 million and adjusted EBITDA of $10-$12 million.
FiscalNote Holdings, Inc. (NOTE) has entered into a definitive agreement to sell its subsidiary, TimeBase, to Thomson Reuters Corporation (TRI) for $6.5 million. This strategic divestiture is expected to streamline FiscalNote's operations and focus its resources on core business offerings. The transaction is anticipated to close soon after obtaining antitrust clearance in Australia and fulfilling other closing conditions.
Despite this divestiture, FiscalNote has reiterated its full-year 2025 financial forecast, projecting total revenues between $94 million and $100 million, with adjusted EBITDA ranging from $10 million to $12 million. This outlook demonstrates the company's confidence in its operational plan amidst challenging market conditions.
The divestiture is part of a broader effort by FiscalNote to improve financial health by paying down debt and enhancing operating efficiencies. The company continues to invest in its core policy offerings, notably its PolicyNote platform, which remains a pivotal component of its service portfolio, ensuring Australian policy intelligence stays integrated globally.
By focusing on its core business, FiscalNote aims to establish a robust foundation for long-term sustainable growth. The Board of Directors remains committed to evaluating all strategic options to maximize shareholder value.
