Singapore Press Holdings Media (SPH), parent company of The Straits Times and The Business Times (BT) newspapers, has agreed to acquire tech and startup news publication, Tech in Asia (TIA).
In a release, SPH Media said the deal was aimed at supporting its transformation efforts and would particularly strengthen its BT offerings, aimed at becoming a regional player for business news and events.
“By coming together with their strengths and capabilities, BT and TIA present an exciting business proposition in Asia, centred on good journalism,” said Mr Wong Wei Kong, editor-in-chief of the English/Malay/Tamil Media Group at SPH Media. “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.”
In a note to readers, Tech in Asia founder and CEO, Willis Wee cited SPH's ability to scale, the fit between their teams and advantages around certainty and liquidity for investors as key benefits of the deal. Financial terms were not disclosed, though the Straits Times reported the acquisition is being funded by SPH Media's existing resources.
Wee also made a point of noting that Tech in Asia will remain independent, retaining its culture, processes and HR policies. The Straits Times report further quoted an SPH Media spokesperson as saying that the post-merger integration process would take 12 to 18 months, during which time TIA and BT will operate as separate brands.
Tech in Asia, which employs about 90 people in Singapore, Indonesia and other APAC markets, was started in 2010. It largely covers technology startup and venture capital news across Southeast Asia and India and holds related tech startup industry events.
The deal is expected to close by the end of 2023 subject to customary closing conditions.
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