Vietnam’s FPT acquires US tech firm
Vietnam’s FPT acquires US tech firm
Vietnamese tech giant FPT on Monday announced its acquisition of U.S.-based product engineering services firm Cardinal Peak, which was founded in 2002, a move to strengthen its product engineering delivery capabilities in North America.
The headquarters of FPT in Hanoi, Vietnam. Photo: Van Anh / Tuoi Tre |
As part of FPT’s global growth strategy, this investment leverages Cardinal Peak's expertise and over-20-year experience in delivering end-to-end product engineering services, including hardware, embedded software, Internet of Things, cloud computing, and mobile product development, to more than 300 companies active in the automotive, healthcare, robotics, consumer electronics, streaming media, security and safety, and aerospace industries.
FPT expects the deal to double its revenue from product engineering services in the Americas over the next two years.
“Cardinal Peak is a well-respected name in the U.S. technology industry. Its effective operation and swift innovative solutions delivery will be a tremendous asset to FPT,” said Dang Tran Phuong, deputy general director of FPT Software, a unit of FPT.
With this acquisition, some 100 highly-skilled engineers will be added to FPT’s workforce.
The Americas are currently one of FPT’s largest overseas markets, where it has 14 offices across the United States, Canada, Colombia, Costa Rica, and Mexico.
Since 2014, FPT has been engaged in mergers and acquisitions (M&A) activities with top technology companies worldwide.
Its first M&A deal was conducted in 2014 with RWE IT Slovakia, a subsidiary of the top-tier European energy company RWE, making it the first overseas M&A deal of a Vietnamese IT company.
In 2018, the firm acquired a 90-percent stake in Intellinet, a rapidly growing U.S.-based digital transformation consulting company.
FPT also bought a non-controlling investment and became a strategic shareholder of LTS, Inc., one of Japan’s top 20 consulting, business management, and digital transformation companies in 2022.
This year, FPT acquired the entire IT services division of Intertec International, and became a major investor in Landing AI, a leading computer vision and AI software company in the U.S..
