FiscalNote to divest TimeBase to Thomson Reuters for $6.5M

FiscalNote (NOTE) announced it has entered into a definitive agreement to divest its Australian subsidiary, TimeBase, to Thomson Reuters (TRI) for a total consideration of $6.5M. The transaction is expected to close promptly following the receipt of antitrust clearance in Australia and other customary closing conditions. Upon closing, the company will use net proceeds from this transaction to further pay down the existing balance of its senior term loan. FiscalNote acquired TimeBase, a Sydney-based provider of Australian legislative information for legal professionals, in May 2021 as part of an M&A driven expansion into APAC. FiscalNote has operated TimeBase on a standalone basis, with no cross-sell into FiscalNote’s core customers, and represents approximately $1.3M of FiscalNote’s $120.3M of total GAAP revenue for the 12-month period ended December 31, 2024. FiscalNote will continue to serve customers in the Australia market through its separate PolicyNote platform and related solutions. Australian policy and regulatory intelligence will remain a component of the core PolicyNote global data set.