Major Announcement: Acquisition of SGEntrepreneurs by TechCrunch for US$50K
April 1, 2008 by SGE
Press Release – After a few months of intense negotiation, TechCrunch, the famous Silicon Valley blog on web start-ups has reached an agreement with the founders of SGEntrepreneurs.com for a major takeover of US$50K in the next couple of months. The acquisition is a move by TechCrunch to continue their rapid expansion into Southeast Asia. Within two and half years with half a million of page views and quarter of a million in unique visitors, the blog has already extended its reach beyond the shores of Singapore and adapted web startups as their focus. The blog has attracted 40% of the foreign market mainly from the other countries. The SGE blog has extensive contacts with web 2.0 start-ups and venture capital groups in both China and India that provided the incentive for a possible acquisition. The founders will stay in the blog and continue to ramp up the operations of the blog by setting up offices in Asean countries and also a TechCrunch Asia conference in Singapore at the end of 2008. Mike Arrington, the founder of TechCrunch believed that this is a match made in heaven between both blogs. He was impressed with Singapore’s current efforts in IDM, particularly, the rapping video that took the government officials in the Media Development Authority of Singapore to fame. He cited the strong support of the government and the rise of interesting internet start-ups in Singapore as reasons to why this acquisition has been done. More details will be released in the next couple of days.
Editor’s Note: It’s an April Fool’s day joke from the SGE Editorial Team. :)
About The Author
SGE - (SGE)
Covering the Singapore and Southeast Asia startup and entrepreneurship scene since 2005.
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