For over two decades, Cardinal Peak has been providing comprehensive technology services, including hardware, embedded software, IoT, cloud computing and mobile product development to more than 300 companies, in the fields of automotive, consumer electronics, healthcare, streaming, robotics, security - safety, defense - aerospace.
Through this deal, FPT expects Cardinal Peak to help FPT double its revenue from product engineering services (consulting, design, development, and testing of new technologies including hardware and software to create the best products) in the US market within the next two years.
With the joining of Cardinal Peak, FPT Corporation will be supplemented with a human resource of hundreds of talented engineers with in-depth knowledge of IoT, cloud computing, mobile technologies... and understanding the specific needs of customers in each field. This is an outstanding combination of expertise and personalized services between the two sides, one side is the Cardinal Peak engineering team that has participated in the research and development of more than 200 successfully commercialized products; the other side is a resource of 70,000 employees, including more than 30,000 IT engineers operating in nearly 30 countries worldwide.
After this deal, Cardinal Peak will maintain its current brand and operating model, while cooperating with FPT to help Cardinal Peak improve its capacity as well as expand its service scope and customer base globally.
Not only do they combine the strengths of their human resources, technological capabilities, and customer networks, the two sides are also united by a common philosophy of “people-centeredness” and a shared vision of strong development opportunities in the future.
Sharing at the announcement ceremony, FPT CEO Nguyen Van Khoa hopes that this deal will help both sides create new, high-class products on a global scale.
As the leader in charge of the Americas, Europe and Middle East markets, Deputy General Director of FPT Software (a member company of FPT) Dang Tran Phuong said that Cardinal Peak is a long-standing name in the US technology industry, with a history of effective operations and the ability to provide innovative solutions quickly for businesses. This will be a great asset for FPT.
Mr. Phuong also expects the deal to help diversify competitiveness, creating a difference for the company in its strategy to expand its global presence.
Impressed by FPT's capacity, culture and resources, Mr. Mark Carrington, CEO of Cardinal Peak said: "We are very pleased to join the FPT "big family" and believe that with all our resources, and the support of FPT - a company operating in nearly 30 countries worldwide, Cardinal Peak can bring greater value to customers, promote innovation in the company's fields of operation as well as expand career opportunities for the company's staff."
The Americas is currently one of FPT's largest overseas markets, with a system of 14 offices across the US, Canada, Colombia, Costa Rica and Mexico.
Since 2014, FPT Corporation has continuously carried out mergers and acquisitions with leading technology companies in the world. This strategy aims to complete the company's service pieces in the most modern technology fields, improve in-depth consulting capacity, expand the customer base in many major fields and thereby increase revenue in foreign markets.
FPT's first M&A deal was to buy RWE IT Slovakia (a member company of Europe's leading energy group - RWE) to expand its customer base in public infrastructure and was also the first M&A deal in the field of information technology of Vietnam in a foreign market.
In 2018, FPT acquired 90% of Intellinet, the fastest growing digital transformation consulting company in the US. In 2022, FPT made a strategic investment in LTS, Inc., a Top 20 consulting, business management and digital transformation company in Japan. In 2023, FPT expanded its presence in the US by acquiring the entire technology services division of Intertec International. Last October, FPT announced that it had become a major investor in Landing AI, a leading US computer vision and AI software company.
Mergers and acquisitions play an important role in FPT's global strategy and contribute to achieving the goal of achieving 1 billion USD in revenue from IT services for foreign markets by the end of 2023 and being in the Top 50 global technology companies by 2030.
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