Vietnam-based information technology service company FPT has announced its acquisition of the United States-based product engineering services firm company Cardinal Peak, a strategic move to strengthen its product engineering delivery capabilities in North America.
As part of FPT’s global growth strategy, this investment leverages Cardinal Peak’s expertise and 20-year experience of delivering end-to-end product engineering services, including hardware, embedded software, internet of things (IoT), cloud, and mobile product development, to over 300 companies in automotive, healthcare, robotics, consumer electronics, streaming media, security and safety, and aerospace industries, FPT said in a statement on Monday.
With these additional resources, FPT said the firm sets its sights on doubling its product engineering services revenue in the Americas in the next two years.
It said this goal is partially driven by its investment commitment of USD 100 million by the end of 2023 in this strategic market.
Meanwhile, Cardinal Peak will remain an independent entity but now has access to enhanced service offerings, greater scale, and global delivery options through FPT’s extensive network.
FPT Corporation Chief Executive Officer Nguyen Van Khoa expects that the synergy between FPT and Cardinal Peak will result in new digital products, contributing to the advancement of Vietnam’s IT industry.
“Cardinal Peak is a well-respected name in the product engineering industry. The team’s track record of effective collaboration and swift innovative solutions delivery will be a tremendous asset to FPT,”
“We trust that this will be another fruitful addition to our global expansion,” said Phuong Dang, FPT Software’s SEVP and Head of FPT Americas, Europe, and Middle East.
According to the statement, Americas is currently among FPT’s largest overseas markets, where it has 14 offices across the United States, Canada, and Latin America – including nearshore facilities in Colombia, Costa Rica, and Mexico – and employees in 28 states and provinces.
Since 2014, FPT has been conducting merger and acquisition (M&A) with top technology companies worldwide to strengthen its consulting capabilities, expand its customer base, and increase revenue in overseas markets.
Its first M&A deal was in 2014 with RWE IT Slovakia, a subsidiary of the top-tier European energy company RWE.
In 2018, FPT acquired a 90 percent stake in Intellinet, a United States-based digital transformation consulting company.
FPT also made a non-controlling investment and became a strategic shareholder of LTS, Inc., a Japan-based consulting, business management, and digital transformation company.
Continuing the expansion in the United States, FPT acquired the entire IT services division of Intertec International in 2023.
FPT also became a major investor in Landing AI – a a computer vision and artificial intelligence (AI) software company in the United States in October.