Through the deal, The Economist Group gains an 18% equity stake in FiscalNote, with chief executive Chris Stibbs joining the start-up’s board of directors.

FiscalNote uses machine learning and analytics to track policy data and legislation, while CQ Roll Call provides news and analysis on government and electoral politics.

Following the transaction, FiscalNote intends to expand its headquarters in Washington D.C., with the two companies combining in one location.

The company said it will continue to produce journalism alongside products and services offering access to data, news and analysis at various levels of government.

As part of the transaction, financial data and analytics firm S&P Global takes a strategic equity investment in FiscalNote, with Mark Blake, global head of corporate development at S&P, appointed as a board observer. 

FiscalNote founder Tim Hwang remains the largest individual shareholder and will lead the combined business as chairman and chief executive.

Hwang said: “The combination of FiscalNote’s technology with CQ Roll Call’s non-partisan and unbiased information and analysis creates an exciting opportunity to further our mission of connecting the world to their governments, enabling us to better serve customers and readers.”