SingTel acquires HungryGoWhere for $9.4M
SINGAPORE--Southeast Asia's largest telco SingTel has acquired restaurant review portal, HungryGoWhere.com, via the buyout of its owners Singapore-based GTW Holdings for S$12 million (US$9.4 million).
In a statement filed with the Singapore Exchange, SingTel announced GTW would become a wholly-owned subsidiary, with its operations merged with another subsidiary inSing.com, a SingTel site which focuses on lifestyle and local search.
The company said: "The combination of these top lifestyle sites will change the game by creating an audience of two million customers--the largest food and lifestyle audience in Singapore.
"By combining HungryGoWhere with inSing.com's food channel, SingTel will be the leading digital expert on food and culinary establishments and will serve over 70 per cent of the visitors who rely on mobile and online means for food and restaurant advice," the operator added.
SingTel noted that eating out was the top ranking activity among consumers in Singapore, and a large percentage of online search queries were restaurant-related. Restaurant review portal HungryGoWhere.com is a popular food portal in Singapore, with additional online presence in Hong Kong, Malaysia, Vietnam, Cambodia and Australia.
Allen Lew, country chief officer for Singapore at SingTel, said in the statement: "A cornerstone of SingTel's growth strategy is to build digital solutions that help consumers in their daily lives--as they live, work and play. Possessing the local knowledge and content is critical as it allows us to compete effectively in these areas."
The latest acquistion comes just two weeks after SingTel announced its acquisition of Sillicon Valley mobile advertising startup, AdJitsu. This was transacted through its U.S.-based mobile advertising company Amobee, which it also acquired in March for US$321 million.
During its results briefing two weeks ago, SingTel's group CEO Chua Sook Koong pointed out the telco would review opportunities to increase its stakes in the company's associates and "make strategic investments to gain important capabilities, drive growth in adjacent industries and extend the group's customer relationships".