SPH Media will acquire technology media company Tech in Asia (TIA) for an undisclosed sum.

In a Nov. 1, 2023 press release by SPH Media, the news company said that it has entered into an agreement to acquire the Singapore- and Jakarta-based website.

The acquisition will "strengthen the offerings of SPH Media, and in particular, that of The Business Times (BT)", it said.

It added that the acquisition will "accelerate" BT's "goal of becoming a regional player for business and tech news, and events".

The acquisition will also support SPH Media's broader transformation efforts in the long term, it said.

Digital news

Founded in 2010, TIA is a digital news publication that covers startup and venture capital news for users based mainly in Southeast Asia, India, and North America.

BT is Singapore's sole financial daily and was founded in 1976.

The acquisition is subject to customary closing conditions and is expected to close by the end of 2023.

In the release, Wong Wei Kong, editor-in-chief of SPH Media, said that the 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 TIA Willis Wee said that they are enthusiastic about the opportunities that the acquisition would bring.

In an article on the TIA website, Wee added that the deal was "a fantastic move" and stressed that TIA will remain independent post-acquisition.

"Despite the rollercoaster we all have been through over the last few years, I remain bullish on tech," he wrote.

"Joining forces with SPH Media provides us with more stability, resources, and 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 Tech in Asia to what it is today."

Top photos via SPH Media & Facebook