Fiscal Note Acquires CQ Roll Call
FiscalNote Founder Tim Hwang is acquiring CQ Roll Call -- the news organization known for offering in-depth coverage of America’s complex legislative process alongside profiles of Beltway influencers -- in a deal set to close later this year. Under the agreement, London-based Economist Group, which has owned CQ Roll Call since 2009, will own 18% of the combined company, making it the largest minority shareholder. And 26-year-old Hwang will lead the combined company, while Economist Group CEO Chris Stibbs will retain a board seat. Billing itself as “the future of government relations,” FiscalNote says it can accurately predict a law’s chance of passing using data analytics. The company has spent five years building a business aggregating troves of political and regulatory data for business clients. Hwang, a Princeton University grad who deferred attendance at Harvard Business School to start his company, is the son of immigrants from South Korea. He says the plan is to build FiscalNote into a global data and information provider along the lines of Thomson Reuters, Bloomberg News, and LexisNexis. FiscalNote already aggregates data from about 30 countries across Europe, Asia, Latin America, and Africa. Hwang’s firm has grown to become one of the largest software employers in DC. More here.