TAKEAWAYS
It all began over coffee. Somewhere in a quiet restaurant in the Dempsey Road area, the leaders of Tech In Asia (TIA) and big bosses from Singapore Press Holdings (SPH) Media found themselves in a conversation that went beyond small talk. They spoke about the challenges of running a media business in an increasingly digital world, the hunger for fresh ideas, and the vast opportunities in Southeast Asia’s thriving tech ecosystem.
It was an unassuming meeting but by the end of it, a seed was planted. Months later, in late 2023, that conversation blossomed into a groundbreaking merger – SPH Media announced its acquisition of TIA. For SPH, it was a bold step to embrace a younger, tech-savvy audience. For TIA, it was a chance to secure resources and expand its mission-driven vision. Together, they embarked on a journey that they hope would reshape the regional media landscape.
For over a decade, TIA had been the go-to platform for tech enthusiasts and startup founders across Asia. Founded in 2009 as a personal blog, it grew into a trusted source of news, insights, and events. TIA’s annual conferences drew thousands, while its media offerings became indispensable for understanding the region’s fast-evolving startup ecosystem.
SPH, on the other hand, represented legacy media. Known for its stalwart publications like The Straits Times and The Business Times, it dominated print and digital news in Singapore. Yet, the rise of digital platforms and shifting reader preferences meant SPH needed to innovate – or risk losing relevance.
The two companies were paper and keyboard apart. TIA was nimble and entrepreneurial; SPH was established and methodical. But both shared a common challenge – staying relevant in an era of digital disruption. The deal became not just about financial returns, but about reimagining the role of media in a rapidly changing region.
When SPH announced its intention to acquire TIA, it sparked excitement and curiosity. The details revealed a deliberate and well-thought-out plan. SPH pledged to let TIA operate independently for 12 to 18 months post-merger, to preserve its innovative spirit while ensuring a smooth cultural integration.
For SPH, the jewel in TIA’s crown wasn’t just its newsroom but its events business. TIA’s flagship conferences and meetups, particularly in Singapore and Jakarta, had become must-attend gatherings for the tech community. These events presented SPH with an opportunity to tap into an entirely new revenue stream and deepen its regional presence.
For TIA, this meant navigating the pressures of being part of a corporate giant while retaining the freedom that had fuelled its success. However, challenges loomed. SPH’s structured, hierarchical culture needed to adapt to TIA’s agile, experimental approach.
The integration process revealed some hard truths about merging two distinct entities – an occurrence which is not uncommon and almost always inevitable.
Early on, SPH leadership had recognised the importance of open communication. Regular town halls, collaborative workstreams, and cross-company task forces became staples of the post-merger environment.
It wasn’t always smooth sailing. For example, aligning editorial standards required extensive discussions. SPH’s newsroom was steeped in traditional journalistic practices, while TIA thrived on fast-paced, community-driven storytelling. But by focusing on shared values – such as a commitment to quality and relevance – the teams found common ground.
On the events front, the synergies quickly became apparent. TIA’s expertise in organising tech conferences complemented SPH’s corporate muscle, leading to a double-digit growth in sponsorship revenue within just six months. Collaborative events, such as a joint summit in 2024 under The Business Times banner, demonstrated the power of the partnership.
Perhaps the most compelling part of the story was the cultural journey. For SPH employees, working with TIA’s team felt like stepping into a startup for the first time. Decisions were made quickly, experiments were frequent, and failures were treated as learning opportunities.
For TIA’s team, the transition brought its own lessons. They gained access to SPH’s vast pool of resources and experienced its nuances, such as the structured and hierarchical culture necessary for operating within a larger organisation. A sense of shared purpose emerged as both sides realised the potential impact of their combined efforts.
Looking back, the SPH-TIA merger offers a blueprint for successful acquisitions not only in the media world, it also provides useful takeaways for companies in other industries as well:
Today, the partnership is still evolving. While the merger has already yielded tangible benefits, such as stronger event revenues and an expanded audience base, the true test will be how the companies adapt to future challenges.
Will TIA retain its innovative edge within the SPH fold? Can SPH fully embrace a more digital, entrepreneurial mindset? These questions remain unanswered, but one thing is clear – this is a partnership built on possibility.
As a member of ISCA, I reflect on this journey not just as a business deal but as a lesson in adaptability, collaboration, and vision. The SPH-TIA merger isn’t just a story about balance sheets and synergies, it’s a story about people, purpose, and the power of working together to build something greater than the sum of its parts. It is a true tale of one plus one equals to three.
Vincent Liew, CA (Singapore), is Senior Manager, Business Planning and Integration, SPH Media Trust.
This article is based on the writer’s personal reflections and opinions using publicly available information. Any views expressed herein are the writer’s and do not represent those of any organisation or party involved.
© 2024 Institute of Singapore Chartered Accountants
