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FPT has invested in the third US startup in 2023

FPT recently completed the third M&A deal in as many months in Cardinal Peak, a North American provider of technology engineering services.

Also read: PM attends opening ceremony of FPT Software's second office in New York
Through this deal, FPT expects Cardinal Peak to double revenue from product technical services (consulting, design, development, and testing of new technologies, including hardware and software) in the US market in the next two years.

With the participation of Cardinal Peak, FPT said it will be supplemented with human resources, including hundreds of engineers who understand technologies, such as IoT, cloud computing and mobile, and the unique needs of customers in each field.

Cardinal Peak has more than 20 years of operation, providing technology services, including hardware, embedded software, IoT, cloud computing and mobile product development for more than 300 companies. After this deal, Cardinal Peak will retain its brand and operating model and will cooperate with FPT to expand the scope of service provision and customer base globally.

Mr. Nguyen Van Khoa, CEO of FPT Group, expects this deal will help the two sides create new classy products globally. "This will be a great asset for FPT. Deputy General Director of FPT Software Dang Tran Phuong evaluates, "The deal will help diversify competitiveness, creating a difference for the company in its strategy to expand its global presence."

Leaders of FPT and Cardinal Peak at the strategic investment signing ceremony. Photo: FPT

Since 2014, FPT has continuously performed mergers and acquisitions with the world's leading technology enterprises. This strategy aims to complete the service puzzle in technology areas, improve in-depth consulting capacity, expand the customer base in many major fields and increase revenue in foreign markets.

FPT's first M&A deal was to buy RWE IT Slovakia (a member company of RWE) to expand its customer base in public infrastructure. In 2018, FPT bought 90% of the shares of Intellinet, a digital transformation consulting company in the US. In 2022, FPT will make a strategic investment in LTS - in the top 20 consulting, business management and digital transformation companies in Japan.

The company bought Intertec International's technology services division this year, further increasing its footprint in the US. In October, FPT became a strategic investor in Landing AI - a startup company in computer vision and AI software.

Currently, the Americas represent one of FPT's biggest international markets, comprising 14 offices across the US, Canada, Colombia, Costa Rica, and Mexico.

Read more: FPT Software opens an office in Mexico
Mergers and acquisitions play an important role in FPT's global strategy and contribute to achieving 1 billion USD in sales from information technology services to foreign markets. Revenue from this division brought FPT more than 17,600 billion VND in the first nine months of the year, a 31% rise. Pre-tax profit reached VND 2,878 billion, up 30.2% over the same period last year. Newly signed revenue reached 20,700 billion VND, an increase of 23%, with 20 projects with a scale of over 5 million USD.

Also read: Danish jewelry producer joins hands with FPT Software to build factory

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