Penn Quarter-based FiscalNote is expanding to Indonesia through a joint venture with Bisnis Indonesia, an international business and economic media organization.
FiscalNote, launched in 2013 and based on Pennsylvania Avenue just blocks from the White House, runs a legislative prediction platform. Based in Jakarta, Bisnis Indonesia was founded in 1985 as a daily newspaper that publishes content on Indonesian financial, tech and business news and issues.
The pair plan to launch a company together that will be headquartered in Jakarta. Through this joint venture, FiscalNote will distribute legal and regulatory content and data produced by the media organization to FiscalNote’s 5,000-plus global customers via its tech platform. FiscalNote also plans to distribute its Issues Management software product to Indonesia-based companies.
“Alongside Bisnis Indonesia, we are excited to be able to deliver cutting edge data from one of the fastest growing markets in the world to our global customers who are seeking to understand the country’s laws and business sector,” said FiscalNote founder and CEO Tim Hwang in a statement.
The new company will begin operations later this year. FiscalNote will obtain a 49% ownership stake in the joint venture. Bisnis Indonesia President Lulu Terianto and Hwang have already signed an agreement to get work started on creating their new company. Financial details were not disclosed.
“We are thrilled to combine the historic brand and data of Bisnis Indonesia with the cutting edge technology that FiscalNote provides,” said Bisnis Indonesia President Lulu Terianto. “We look forward to building a great joint venture together to unlock the potential of the Indonesian market for the world.”
FiscalNote reported that it will seek to expand to more countries, including Thailand, Malaysia and Singapore, once the joint company is up and running.