FPT, Vietnam’s pioneer in digital transformation and a leader in consulting, providing, and deploying technology and telecommunications services and solutions, has made a strategic move by acquiring US-based company Cardinal Peak. This acquisition is part of FPT’s global growth strategy and aims to enhance its product engineering delivery capabilities in North America.
Cardinal Peak brings over 20 years of experience in providing comprehensive product engineering services, including hardware, embedded software, IoT, cloud, and mobile product development. They have served over 300 companies in various industries, such as automotive, healthcare, robotics, consumer electronics, streaming media, security and safety, and aerospace.
With this acquisition, FPT gains access to a team of 100 experts and establishes a presence in the United States. These additional resources are expected to drive a significant boost in FPT’s product engineering services revenue in the Americas, with a target of doubling it within the next two years. This goal is supported by an investment commitment of USD 100 million by the end of 2023 in the strategic North American market.
It’s worth noting that Cardinal Peak will continue to operate as an independent entity. However, they will now have 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 key figures from both companies, including 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. The event highlighted the alignment in their ways of working and a people-focused mindset, reflecting optimism for future opportunities.
Nguyen Van Khoa, CEO of FPT Corporation, expressed his expectations for the synergy between FPT and Cardinal Peak, anticipating creating new digital products that will contribute to the advancement of Vietnam’s IT industry.
Mark Carrington, CEO of Cardinal Peak, praised the collaboration, stating, “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.”
FPT’s expansion in the Americas is a testament to its strong overseas presence, with 14 offices across the United States, Canada, and Latin America. The company has employees in 28 states and provinces, including nearshore facilities in Colombia, Costa Rica, and Mexico.
This acquisition is part of FPT’s ongoing strategy to strengthen its consulting capabilities, expand its customer base, and increase its revenue in overseas markets. It follows a series of successful M&A deals with top technology companies worldwide, further solidifying FPT’s position as a global IT leader.