Use your < > keys to browse more stories

SPH Acquires SgCarMart for $48 Million

sgcarmart

Yesterday Singapore Press Holdings (SPH) announced that it has acquired SgCarMart.com, a popular online classified site for cars in Singapore for SGD 60 million (US$48 million).

According to SGE, the valuation is a 12 times multiple of SgCarMart.com’s 2012 revenue and the site has over 90 percent market share in Singapore in terms of online vehicle classifieds. SgCarMart was founded by Henry Seah, Tan Jing Lun, and Vincent Tan in 2004.

SPH has been on a spree shopping for potential online sites to boost its business. Last month, the group also invested in Chope, a fast growing restaurant booking site in Singapore.



Facebook Conversation

comments

Tags:

Did you enjoy this article? Consider becoming a TiA Premium subscriber. At $9.99/month, TiA Premium brings you exclusive access to our weekly newsletter, a one-page roundup of each week’s must-read Asia tech news from all over the web. TiA Premium also brings you exclusive deals and discounts that make your subscription pay for itself. Click here to find out more.