SINGAPORE: SPH Media has entered into an agreement to acquire technology media company Tech in Asia (TIA).
The move will serve to “strengthen the offerings of SPH Media and, in particular, that of The Business Times”, the group said in a media release on Wednesday (Nov 1).
It added that the acquisition will also support its “broader transformation efforts”.
In response to CNA’s queries, a spokesperson for SPH Media said that no layoffs are expected following the merger.
“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.”
SPH Media added that TIA holds a staff strength of about 90 people based in Singapore, Indonesia and across the Asia-Pacific region
TIA will exist as a subsidiary of SPH Media after the move and as such, their employees will remain under employment with them, the spokesperson added.
“We have mapped out a post-merger integration process which will take 12 to 18 months. We are committed to ensuring a smooth and successful transition for all the employees.”
SPH Media declined to disclose the financial terms of the deal when contacted by CNA.
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“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,” said Mr Wong Wei Kong, editor-in-chief of SPH Media’s English, Malay and Tamil media group.
CEO and founder of Tech in Asia, Mr Willis Wee said that digital news publication was “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-merger and acquisition.”
Tech in Asia was founded in 2010. Its website describes the publication as the largest English-language technology media company that focuses on Asia.