1-11-2023 (SINGAPORE) SPH Media has announced a significant agreement to acquire the technology media company, Tech in Asia (TIA). This strategic move is aimed at bolstering SPH Media’s offerings, particularly that of The Business Times, according to a media release issued by the group on Wednesday (Nov 1). The acquisition is also expected to play a pivotal role in supporting SPH Media’s broader transformation efforts.
A4 spokesperson for SPH Media assured that there are no anticipated layoffs as a result of the merger. The spokesperson emphasized, “The acquisition is rooted in the joint growth opportunity of Business Times and Tech In Asia. As such, we do not anticipate any layoffs. With the merger, our audience and market will grow, creating new opportunities for everyone involved.”
TIA currently maintains a staff of around 90 individuals situated in Singapore, Indonesia, and across the Asia-Pacific region. Following the acquisition, TIA will continue to operate as a subsidiary of SPH Media, ensuring that its employees remain under the employment of the media conglomerate.
To ensure a seamless transition for all employees, SPH Media has outlined a post-merger integration process that is expected to span 12 to 18 months. The media group is committed to ensuring the success of this transition.
Although the financial terms of the deal have not been disclosed, SPH Media’s Editor-in-Chief, Mr. Wong Wei Kong, expressed the strategic significance of the acquisition, saying, “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.”
CEO and founder of Tech in Asia, Mr. Willis Wee, also expressed optimism regarding the acquisition, highlighting the enduring spirit and data-driven approach of the digital news publication. He affirmed, “Rest assured, our startup spirit and data-driven approach will remain at the core of our competencies post-merger and acquisition.”
Tech in Asia, founded in 2010, is recognized as the largest English-language technology media company focusing on Asia, as described on its website. This acquisition marks a significant milestone in the ever-evolving media landscape, with SPH Media and TIA uniting to forge new opportunities and enhance their offerings in the tech and business media sector.
