SingPost – BT
SingPost buys remaining 30% stake in DataPost
SINGAPORE Post (SingPost) is acquiring the remaining 30 per cent stake in DataPost from Oce NV for $6 million, in a move aimed at ramping up SingPost’s hybrid mail business.
Since 1994, SingPost has held a 70 per cent stake in DataPost, having invested $700,000 in the company back then. With the acquisition of the remaining 30 per cent, DataPost will be a wholly owned subsidiary of SingPost.
DataPost, which was established in 1994, provides end-to-end mailing services such as confidential data printing as well as letter shopping and enveloping to clients hailing from industries such as banking, insurance and telecommunications. DataPost has also expanded in the region and set up data printing facilities in Malaysia, Hong Kong, Thailand and the Philippines.
‘DataPost provides businesses a cost-effective, end-to-end service covering data formatting, secured printing, processing and digital archiving,’ said Ng Hin Lee, SingPost’s chief executive officer for postal and corporate services. ‘With this acquisition, SingPost will have full control of DataPost and the flexibility to further develop our hybrid mail business in the region. We will be able to better support our regional customers with a wider suite of hybrid mail solutions.’
He added that the acquisition will give SingPost another platform from which it can expand its regional business.
The group has been beefing up its presence in the region, having made several acquisitions since 2009 which include cross-border mail-logistics company Quantium Solutions and Postea Inc, a US-incorporated technology company specialising in technology solutions for the postal and logistics industries.
Shares in SingPost closed at $1.16 yesterday, up one cent.