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October 7, 1999

Pacific Century to Invest $33m in Singapore’s Silk Route

By CBR Staff Writer

Rapidly-growing Hong Kong information technology company Pacific Century CyberWorks is to invest $33m in Singapore internet firm, Silk Route Holdings, a copmpany best known for its business-to-business internet solutions. Details of the deal are expected to be announced today.

The tie-up brings together two of AsiaÆs top young ‘technopreneurs’ in Cyberworks’ Richard Li and Silk RouteÆs David Wong. Both men were named this month by Time IncÆs Asiaweek magazine as ranking among AsiaÆs top business and finance leaders for the new millennium. According to reports in the local media Wong and Li hope to marry their talents and forge a long-term strategic partnership.

SilkRoute was born at a 1994 reunion of Singaporean graduates of the Massachusetts Institute of Technology. We were discussing what to do with our lives. We were too late for the PC revolution, but everyone kept talking about the internet, said Wong who graduated in computer science and engineering. He and two friends quit their jobs at SingaporeÆs National Computer Board and founded SilkRoute with $75,000. Today the companyÆs Advanced Manufacturing Online subsidiary and ECNet supply-chain management operation count Sony, Matsushita, Motorola, NEC and Philips amongst their multinational customers.

However, the companyÆs revenue will only be in the region of $3m this year, and the proposed investment is more than 10 times that amount.

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