FiscalNote Holdings, Inc., a leading provider of AI-driven policy and regulatory intelligence solutions, announced on July 1, 2025, the completion of its divestiture of TimeBase, its Australian subsidiary, to Thomson Reuters Corporation for $6.5 million USD. This strategic move advances FiscalNote’s focus on its core PolicyNote platform, reduces debt, and accelerates its path to positive free cash flow.
FiscalNote sold TimeBase to Thomson Reuters for $6.5M, closed July 1, 2025.
Proceeds to reduce senior term loan debt, previously cut by 60% in 2024.
TimeBase contributed $1.3M to FiscalNote’s $120.3M 2024 revenue.
Reaffirms 2025 guidance: $94M–$100M revenue, $10M–$12M adjusted EBITDA.
PolicyNote platform drives growth with strong customer adoption.
Australian market to be served via PolicyNote, maintaining global data integration.
FiscalNote acquired TimeBase, a Sydney-based provider of Australian legislative information, in May 2021 to expand into the Asia-Pacific region. Operating independently, TimeBase contributed just $1.3M to FiscalNote’s $120.3M 2024 GAAP revenue. The divestiture aligns with FiscalNote’s strategy to streamline operations and focus on its AI-driven PolicyNote platform. “This divestiture is another clear step in sharpening our strategic focus, improving our capital structure, and accelerating our path to positive free cash flow,” said CEO Josh Resnik.
The proceeds will reduce FiscalNote’s senior term loan, which dropped from $159M to $89M in 2024, a 60% reduction. The company maintains impressive gross margins of 78% and reported Q1 2025 revenue of $27.5M, exceeding forecasts.
Despite the divestiture, FiscalNote will continue serving Australian customers through its PolicyNote platform, ensuring Australian policy and regulatory intelligence remains part of its global dataset. The company’s Q1 2025 results showed a 15% decline in subscription revenue due to prior divestitures (Board.org, Aicel), but PolicyNote’s daily active users have surpassed legacy systems, reflecting strong adoption.
FiscalNote reaffirmed its 2025 guidance, projecting $94M–$100M in revenue and $10M–$12M in adjusted EBITDA, driven by AI enhancements like alerts and tariff monitoring. The company is also exploring stablecoin integration for cross-border transactions to support global expansion.
Posts on X highlight FiscalNote’s strategic focus, with users noting the PolicyNote platform’s growth as a driver for future performance. The company’s stock (NOTE) traded at $0.6262 on May 23, 2025, with a market cap of $108.1M and analyst price targets averaging $2.94, suggesting a 351% upside. However, FiscalNote faces challenges, including a $142.83M debt burden and market volatility affecting corporate buying decisions.
The transaction, advised by Womble Bond Dickinson (US) LLP and King & Wood Mallesons (AUS), strengthens FiscalNote’s balance sheet while maintaining its commitment to delivering AI-driven policy intelligence to over 4,000 global customers, including major organizations like ExxonMobil and General Motors.
The global AI market for policy and regulatory intelligence is growing, with FiscalNote’s PolicyNote platform competing against players like Bloomberg Government. The company’s focus on product-led growth, evidenced by 92% of Q1 2025 revenue from subscriptions, positions it to capitalize on this demand. Thomson Reuters, with $1.37B in cash as of March 31, 2025, continues to bolster its legal tech portfolio, integrating TimeBase’s legislative solutions for Australian professionals.
FiscalNote’s divestiture of TimeBase marks a pivotal step in its transformation into a leaner, policy-focused AI leader, setting the stage for sustainable growth and enhanced shareholder value.
FiscalNote is the leading provider of AI-driven policy and regulatory intelligence solutions. By uniquely combining proprietary AI technology, comprehensive data, and decades of trusted analysis, FiscalNote helps customers efficiently manage political and business risk. Since 2013, FiscalNote has pioneered solutions that deliver critical insights, enabling effective decision making and giving organizations the competitive edge they need. Home to PolicyNote, CQ, Roll Call, VoterVoice, and many other industry-leading products and brands, FiscalNote serves thousands of customers worldwide with global offices in North America, Europe, and Asia.
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