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Moovaz bought SPH magazine because of “strong synergy”, plans another acquisition, says CEO

The Singaporean relocation company expects more consolidation in the sector.

Moovaz CEO Lee Junxian. Photo courtesy of Moovaz.

Singapore-based relocation company Moovaz has provided more details on its recent acquisition of expat-focused publication The Finder from Singapore Press Holdings (SPH). CEO and co-founder Lee Junxian told KrASIA that this will open the door to tap into the magazine’s strong community base.

“What really intrigued us is their user numbers. If you search for lifestyle in Singapore, results from The Finder rank really high,” said Lee.

With almost 28 years in operation, The Finder is the longest-running publication for expats in Singapore. More than 300,000 “global locals”—expatriates and internationally-minded Singaporeans—rely on it for timely tips, ideas and inspiration of what to do, buy, and where to go in Singapore and around the region.

This aligns with Moovaz’s objective to ease cross-border relocations. Aside from the physical moving of boxes, there’s also the emotional component that includes the “rebuilding of life” in a new place. People are looking for restaurants and grocery stores that sell food and ingredients from their hometowns.

“The Finder has been a trusted source for many years. We thought the synergy was strong,” Lee added.

Moovaz will take over and run the brand’s assets, including The Finder’s quarterly print and digital magazines. Lee wants to “unleash the magazine from worrying about advertising revenue, to do journalism without thinking about who’s sponsoring the article.”

Read this: More than just moving, Moovaz wants to help rebuild life in a new place: Startup Stories

The company also plans to start a new feature called “moving journals” that encourages users to document their journey and start a community. The current editor-in-chief Sara Lyle Bow will support Moovaz in overseeing this new development. She will take on a new role as director of The Finder and head of community.

“There is a true need for both newcomers to Singapore and long-timers for our highly relevant, targeted lifestyle content,” said Bow. “In their own unique ways, both The Finder and Moovaz help to take the stress out of moving and settling into a new community and culture.”

SPH will become a shareholder of Moovaz and collaborate on regional outreach efforts, tapping into its own media platforms.

Further consolidation

Lee said that the pandemic drives more companies to look for consolidation. He added that Moovaz is currently working on another acquisition which will be revealed in the near future.

“New conversations arise, whether we use that to start a new synergy or not in the future,” said Lee.

Back in March, Moovaz announced a USD 7 million Series A funding round. With a global network of more than 2,000 certified partners, the company offers access to worldwide mobility services.