Singapore Press Holdings has made an investment of a SG$2 million cash injection into DC, which owns and operates tech firm Handshakes. This will gives SPH to have a 20% stake in the company.
Handshakes is a young technology company founded in April 2011 by two Singaporeans, Charles Poon and Daryl Neo. Handshakes is a service that provides quick access to curated information about companies and the people who run or own them. It has an automated this process where users can use the Handshakes App to identify disclosed affiliations and exposure to enforcement actions. The information is then presented in interactive visual maps and reports.
Daryl Neo, co-founder of Handshakes, said: “Due-diligence and gaining understanding about a counterparty are important steps in building trust between parties. Handshakes facilitates this by providing innovative solutions to the ever increasing need for reliable information and faster turnaround time.” Neo added that this investment will empower Handshakes to extend coverage beyond the capital markets and provide even better solutions for customers.
Charles Poon, Handshakes’ other co-founder, added: “Our roots are in the capital markets, where we began by integrating public information from listed company disclosures. We now cover the Singapore and Malaysian markets and are expanding coverage to Hong Kong and other countries in the region.”
Both Neo and Poon were previously with the Singapore Exchange where they were regulators of mainboard and Catalist-listed companies respectively. They left SGX to found Handshakes and roll out its specialised information service.
This is not SPH’s first push into the digital arena. Late last year real time bidding platform Smaato raised US$ 25 Million in a Series E funding, with Singapore Press Holdings as one of its investors. In a statement Smaato has said that the funds will be used to fuel growth, operations and development of its platform, focused on self-serve automation.