US market intelligence firm FiscalNote acquires Singapore software startup

US-based market intelligence firm FiscalNote has acquired Equilibrium, a Singaporean software firm that develops environmental, social, and governance (ESG) management automation solutions powered by AI.

Financial details of the deal were undisclosed.

Photo credit: Equilibrium

Founded in late 2019, Equilibrium helps companies improve their ESG performance, better understand risk, and automate their reporting. The startup offers its services to companies across Asia, Europe, and the US.

“Our capacity to ingest data and produce deep, analytical content pairs extremely well with the workflow software developed by Equilibrium, effectively bringing together the tools ESG professionals require,” said FiscalNote founder and CEO Tim Hwang.

FiscalNote said in a statement that the demand for businesses to better understand ESG issues has fueled a global effort to create effective goals and structures around ESG. According to a Wall Street Journal report, organizations have also been bumping up their ESG investments amid increasing pressure from investors and regulators.

Equilibrium has seen “incredible demand” for its service over the last six months, said the company’s founder and CEO Frank Meehan. The acquisition will help the firm bolster its services by bringing in FiscalNote’s regulatory and policy data and analysis capabilities, he added.

FiscalNote already provides ESG services and content through Oxford Analytica, its subsidiary that publishes ESG reports and offers advisory services.

The acquisition follows a string of merger and acquisition deals by FiscalNote, including its purchase of Australian legislative and regulatory tracking firm Timebase.