Singapore’s largest news publisher SPH Media announced on Wednesday that it has entered into an agreement to acquire Tech in Asia Pte. Ltd. (TIA), a technology media company that serves and develops Asia’s tech and startup community.
“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. In the longer term, it will also support SPH Media’s broader transformation efforts,” SPH Media said.
Financial terms of the transaction will not be disclosed, according to the statement.
“We are enthusiastic about the opportunities this acquisition will bring. Rest assured, our startup spirit and data-driven approach will remain at the core of our competencies post-M&A,” said Willis Wee, CEO, and founder of TIA.
Established in 1976, BT is Singapore’s sole financial daily, with digital and print editions.
The acquisition is subject to customary closing conditions and is expected to close by the end of 2023, SPH Media said.
Meanwhile, in a post on TIA’s website, Wee said joining forces with SPH Media provides TIA with “more stability and resources as well as an environment to thrive”.
“Additionally, this deal offers liquidity for our shareholders, some who have patiently fought alongside us for over a decade. It’ll reward past and present employees who’ve built TIA to what it is today,” he wrote.
TIA counts Softbank, East Ventures, Facebook co-founder Eduardo Saverin, Walden International, Hanwha Investment Corporation among its investors. The company has raised a total of $17 million in funding over seven rounds, according to data platform Crunchbase.
TIA acquired tech blog SGEntrepreneurs.com and Indonesian gaming blog Gamesaku in 2013. It entered Y Combinator via its TechList database in 2015, earlier reports showed.
TIA said it is the largest English-language technology media company that focuses on Asia. Apart from producing and delivering editorial content, TIA connects brands with early adopters via Studios, its advertising agency unit. The company organizes tech conferences and events across Asia, and it also operates the region’s go-to startup and technology jobs marketplace, information from its website showed.