SINGAPORE: SPH Media made a significant announcement on Wednesday (1 November), revealing its decision to acquire Tech in Asia Pte. Ltd. (TIA), a technology media company serving and cultivating Asia’s tech and startup community.
This move, as stated in a press release on Wednesday, is set to enhance the offerings of the group, particularly augmenting the capabilities of The Business Times.
“The synergies from this proposed acquisition will deepen the value BT brings to businesses and readers in the region, and accelerate its goal of becoming a regional player for business and tech news, and events,” SPH Media said.
It added: “The acquisition will infuse new digital media talent and capabilities into BT, in areas of journalism, tech, business insights, product, events and marketing.
“Readers will also be able to benefit from a strengthened core content in business and tech. We will also continue to explore further synergies that will help deliver greater value to our audiences.”
A spokesperson for the group said: “We are not disclosing the financial terms of the transaction. The acquisition is funded from SPH Media’s existing resources. We expect that the combination of BT and TIA will generate new revenue opportunities for the wider group.
In light of the acquisition, a post-merger integration process has been mapped out, with an estimated timeline of 12 to 18 months.
During this period, both TIA and The Business Times will continue to operate as separate brands.
SPH Media emphasized that this acquisition will not only bolster the group’s transformation endeavors but also support TIA’s commitment to delivering high-quality content and events, aligning with The Business Times’ vision of becoming the leading business title in the Asia-Pacific region.
SPH Media also noted that the acquisition will support the group’s broader transformation efforts.
Mr Wong Wei Kong, editor-in-chief of SPH Media’s English/Malay/Tamil Media Group, said: “By coming together with their strengths and capabilities, BT and TIA present an exciting business proposition in Asia, centred on good journalism.
“For SPH Media, this acquisition is a strategic move that will enable us to provide our readers with a more comprehensive suite of products and services.”
TIA chief executive and founder Willis Wee said: “We are committed to delivering top-notch content and events, and with SPH Media by our side, we are poised to achieve even greater heights.
“We are enthusiastic about the opportunities this acquisition will bring. Rest assured, our start-up spirit and data-driven approach will remain at the core of our competencies post-acquisition.”
Established in 1976, The Business Times serves as Singapore’s sole financial daily, providing comprehensive news and commentary on various sectors including markets, companies, startups, wealth, property, lifestyle, and small- and medium-sized enterprises in Singapore, ASEAN, and globally.
On the other hand, TIA, established in 2010, is recognized as one of the pioneers of business tech media in the region, with a digital news publication focusing on startup and venture capital news for a primarily Southeast Asian, Indian, and North American user base.
The publication boasts a team of 90 employees situated across Singapore, Indonesia, and other countries in the Asia-Pacific region.
Additionally, it maintains a regional events network and caters to corporate customers across multiple markets.
The acquisition remains subject to customary closing conditions and is expected to conclude by the end of 2023.