SPH Media completes acquisition of Tech in Asia

SPH Media's acquisition of technology media company Tech in Asia (TIA) is now complete, according to Willis Wee, CEO, and founder of TIA in a post on its website. 

Wee wrote that he was happy to share that the deal was officially concluded and added that he is convinced that the momentum and partnership with The Business Times (BT) will push TIA closer to its mission of building a vibrant tech community.

He added that through the partnership, TIA will be doubling down on a few key areas. 

Don't miss: Analysis: SPH Media to acquire Tech in Asia to strengthen offerings

Firstly, it will be more customer-focused, looking into producing better content and events. 

"This year, we’ll expand our conferences into a few more markets based on positive signals from customers, readers, and our internal data," said Wee, adding that it will also be investing in better UX and tech to deliver better experiences and engagement. 

"We will have some wins and failures. Either way, we will learn from these experiences, guiding us to do better in the future," he said. 

It will also continue to use data and first principles to guide decision-making. This will ensure that every team at TIA is empowered by data to make sound investment and ops decisions, according to Wee. 

"We will also continue to be the 'boring' company that’s financially disciplined and sensible. This doesn’t mean we aren’t long-term thinkers; it just means we’ll make prudent investments to achieve our long-term goals," explained Wee. 

Wee also went on to add that despite the acquisition, it was important to the team that it stays true to itself and its startup rooms. 

"So, what exactly is culture? For me, it’s about how fast and well we make decisions and the organisation’s willingness to accept failure when trying out new things," said Wee. He added that when it comes to decision-making, TIA must not let processes control them but that rather, they must be goal and mission-oriented. 

The publication also admitted that it needs to be alright with taking risks, innovating and pushing its limits. 

SPH Media entered into an agreement to acquire TIA in November last year. At the time, SPH said that with its reach and capabilities, TIA will strengthen the offerings of SPH Media and, in particular, that of BT.

The synergies from the 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, according to SPH. 

TIA's mission to serve the tech and startup community in Asia is also expected to strengthen with the support of SPH Media's extensive networks and resources.

In the longer term, TIA will also support SPH Media’s broader transformation efforts.

“By coming together with their strengths and capabilities, BT and TIA present an exciting business proposition in Asia, centred on good journalism,” said Wong Wei Kong, Editor-in-Chief, English/Malay/Tamil media group at SPH Media at the time. “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.”

"We are committed to delivering top-notch content and events, and with SPH Media by our side, we are poised to achieve even greater heights," added Willis Wee, CEO, and founder of Tech in Asia in November. "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.”

Wee shared in a post on the site at the time that TIA will remain independent, maintaining its culture, process and HR policies. He also added that the whole TIA team was brought over in the acquisition.

“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,” said Wee.

What TIA needs to thrive in the acquisition

Saying that, TIA has long enjoyed success on its own terms which is why media players MARKETING-INTERACTIVE spoke to at the time of the announcement expressed hesitancy when asked what they thought of the news.

“It is an interesting move, as it's set to create a more formidable force with the strong foundation of BT and SPH coming together with the dynamism and excitement of the tech and startup space,” said Jacqui Lim, CEO of Havas Media Group Singapore. “TIA holds a pioneering position in the realm of business tech media in the region and this merger will undoubtedly bolster BT's offerings, propelling its growth as a regional platform for business and tech news,” she added.

However, according to Lim, in order for the deal and acquisition to succeed, SPH needs to retain what has made TIA successful thus far. She explained that SPH should continue to build on TIA's existing strengths as a vertical specialist in the technology space and combine them with the strong business perspectives and editorial authority that comes from BT.

“This will enable the creation of a more comprehensive suite of products and services at scale, particularly in the realm of business and tech. This approach stands to benefit the audience by delivering top-notch content and potentially unlocking new revenue streams for BT and SPH Media,” she said.

Agreeing with her, a former media agency player who asked to remain anonymous said that BT is a strong product with a growing audience base amongst millennials and the Gen Zs. The acquisition would then seem like a strong complement to SPH’s content offerings.

However, challenges could arise if the “strong talent and product” in TIA is not carried over to SPH. She said:

SPH has large legacy teams when it comes to editorial and whether they will successfully integrate the people, content or even technology remains to be seen.

“If they end up being seen or treated as second tier citizens, that will impact the retention of people and quality of the product in the long run,” she added.

She concluded by saying that an increase in readership and engagement will be the first big thing the industry will look out for to determine if the acquisition was a success.

“Beyond that, we will look at how this will be integrated into wider content offerings for other SPH media products such as The Straits Times, radio and its lifestyle titles,” she said.

A startup mindset

Beyond integration, SPH also will need to manage TIA's "strong startup mindset" that thrives on dynamism and innovation in order to be successful, according to Basil Chua, managing partner at Multiverse Partners at the time.

SPH will need to allow TIA to be given some "personal space" post-acquisition to pursue what the TIA brand stands for, its existing culture, and editorial independence, he said. 

He added that the strategic move will also allow SPH to tap into the thriving startup ecosystem, connecting with multiple stakeholders, from aspiring entrepreneurs to venture capitalists and private equity firms. 

"Acquiring and licensing adjacent products in a hyper-competitive market will allow SPH to focus on the current competitive advantage of distribution and advertising sales," he explained. 

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