FPT Acquires Product Engineering Services Firm Cardinal Peak
Vietnam’s leading corporation FPT announces its acquisition of the US-based company Cardinal Peak, a strategic move to strengthen its product engineering delivery capabilities in North America.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231105990390/en/
FPT and Cardinal Peak Strategic Investment Signing Ceremony took place in Hanoi, Vietnam (Photo: Business Wire)
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, IoT, cloud, and mobile product development, to over 300 companies in automotive, healthcare, robotics, consumer electronics, streaming media, security and safety, and aerospace industries.
Through this investment, FPT also gains 100 experts and one office in the United States. With these additional resources, the global IT firm sets its sights on doubling its product engineering services revenue in the Americas in the next two years. 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.
The strategic investment signing ceremony took place in Hanoi, Vietnam, with the participation of Cardinal Peak CEO Mark Carrington, FPT Corporation CEO Nguyen Van Khoa, FPT Software Chairwoman Chu Thi Thanh Ha, FPT Software CEO Pham Minh Tuan, and other senior leaders of the two sides. FPT and Cardinal Peak expressed their alignment in ways of working and a people-focused mindset, as well as optimism for future opportunities. FPT Corporation CEO 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,” said Phuong Dang, FPT Software’s SEVP and Head of FPT Americas, Europe, and Middle East. “We trust that this will be another fruitful addition to our global expansion.”
“We have been very impressed by the capabilities, culture, and resources at FPT,” said Mark Carrington, CEO of Cardinal Peak. “We are excited to join the FPT family. With our combined teams, we can provide greater value to our customers, accelerate innovation in the industries we serve, and expand career opportunities for our employees.”
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 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; also the first overseas M&A deal of a Vietnamese IT company. In 2018, the firm acquired a 90% stake in Intellinet, a rapidly growing US-based digital transformation consulting company. FPT also made 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. Continuing the expansion in the United States, FPT acquired the entire IT services division of Intertec International in 2023. This October, it became a major investor in Landing AI - a leading computer vision and AI software company in the US.
About FPT Corporation:
FPT Corporation (FPT) is a globally leading technology and IT services provider headquartered in Vietnam. FPT operates in three core sectors: Technology, Telecommunications, and Education. During 35 years of development, FPT has constantly provided practical and effective products to millions of people and thousands of business and non-business organizations worldwide, establishing Vietnam’s position on the global tech map. Keeping up with the latest market trends and emerging technologies, FPT has developed the Made-by-FPT ecosystem of services, products, solutions and platforms, which enables sustainable growth for organizations and businesses and offers distinctive experiences to customers. In 2022, FPT recorded total revenue of US$1.87 billion and 60,000+ employees. For more information, please visit https://fpt.com.vn/en
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Mai Duong (Ms.)
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Zextras Introduces Carbonio - A Private Digital Workplace1.12.2023 16:07:00 CET | Press release
Zextras, the leading email and collaboration solutions provider, introduced Carbonio - a private digital workplace for the public sector and regulated industries. Carbonio emerges as an exceptional solution for the public sector, enabling them to implement an extensive digital workspace for their internal teams and stakeholders. Delivering a suite of features that are not only comprehensive but also fully customizable, from emails and calendars to video meetings and file storage, Carbonio allows for superior adaptation to any unique technical requirements or business objectives. It is equally enticing for regulated industries to enhance their operations by providing secure software solutions tailored to meet the distinct security needs of their country and respective states. The platform is rooted in robust compliance with global data protection regulations, including the European General Data Protection Regulation (GDPR). This fosters a secure digital environment for users, ensuring t
Beyond Medtech: Healthcare + Expo Taiwan Sets New Stage for Global Innovation in Future AI Healthcare1.12.2023 16:00:00 CET | Press release
The Healthcare+ Expo Taiwan, currently taking place at Nangang Exhibition Hall 1 from November 30 to December 3, 2023, is poised to redefine the landscape of AI healthcare on a global scale. This year's edition boasts the remarkable participation of 650 companies, occupying 2,300 booths, and has garnered the attention of leading technology firms and hospitals across the Asia-Pacific region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201062013/en/ Expand businesses into growing markets in the APAC region with Healthcare+ Expo Taiwan. Join medical institutes and companies in the fields of medtech, biotech and healthcare to promote products, build partnerships and seize supply-demand opportunities. (Graphic: RBMP & IBMI) Taiwan's pivotal role in the AI-related supply chain is underscored by its impressive contribution, manufacturing AI chips, and over 90% of the world's AI servers. This proficiency positions Taiwan as a
International Sustainable Forestry Coalition Welcomes New Member, Sumitomo Forestry1.12.2023 15:31:00 CET | Press release
In September 2023, an international group of leading sustainable forestry companies launched the International Sustainable Forestry Coalition (ISFC) to support an increased contribution of the forestry sector to the transition to a sustainable society. Today the ISFC is delighted to announce that Sumitomo Forestry has joined the coalition. Sumitomo Forestry, headquartered in Tokyo, Japan, is a globally respected forestry sector leader with a long and honourable history. The Company’s history dates back to the seventeenth century when the Sumitomo family opened a copper mine in the Southern part of Japan and sourced timber for fuel and construction as well. Now, the company operates across the forestry value chain from forestry management, to wood processing, trading, wooden construction and biomass power generation. The firm is pursuing a long-term vision for the role of the forestry sector in the decarbonized society. Sumitomo Forestry manages sustainable working forests in Japan, Ind
Ant Group unveils "Fight Plastic for Nature" Action Initiative at COP281.12.2023 14:09:00 CET | Press release
In a pivotal move to address plastic pollution and promote nature conservation, the Ant Forest Foundation, established by Ant Group and its affiliates, today announced the launch of the "Fight Plastic for Nature" Action Initiative. The initiative was announced during the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, United Arab Emirates at the IUCN Pavilion. The International Union for Conservation of Nature (IUCN) will provide tools and standards to measure the reduction in plastic pollution and its positive impact on biodiversity. Additionally, the IUCN will share and promote best practices in plastic emission reduction across the plastic life cycle. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201206207/en/ During COP28, Ant Group unveiled Fight Plastic for Nature Action Initiative with partners at IUCN Pavilion on Dec.1, 2023 in Dubai, UAE (Photo: Busin
Abdulaziz Al-Gudaimi, Aramco Veteran, Joins EIG as Senior Advisor and Chairman of MENA Operations1.12.2023 14:00:00 CET | Press release
EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that Abdulaziz Al-Gudaimi has joined EIG as Senior Advisor and Chairman of EIG’s Middle East & North Africa (“MENA”) Operations. Mr. Al-Gudaimi, formerly Executive Vice President of Corporate Development at Saudi Aramco (“Aramco”), has over 38 years of experience in energy markets and will provide strategic counsel to EIG on its investment activities and continued growth in the region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201817393/en/ (Photo: Business Wire) “We are thrilled to welcome Abdulaziz to the firm,” said R. Blair Thomas, EIG Chairman and CEO. “His deep sector expertise and wealth of experience in MENA will be instrumental for EIG in sourcing additional investment opportunities across critical energy and energy-related infrastructure, and for our portfolio companies as they navigate the complex challen