According to Dong Yi
Investing.com – FPT Joint Stock Company (HM:) announced the acquisition of Cardinal Peak, a technical engineering services company with a 20-year history in the North American market. According to FPT Industrial, the activity aims to improve the group’s competitiveness and service quality in the Americas (especially the American market) and the English-speaking market as a whole (especially in the new technology field).
Through this deal, FPT Industrial expects Cardinal Peak to help FPT Industrial expand its product technology services (consulting, design, development and testing of new technologies including hardware and creating best-in-class products) in the U.S. market over the next two years. software) revenue doubled. Year.
Currently, the Americas is one of FPT’s largest overseas markets, with 14 offices in the United States, Canada, Colombia, Costa Rica and Mexico.
After this transaction, Cardinal Peak will maintain its existing brand and operating model, and at the same time cooperate with Fiat Industrial Technology to help Cardinal Peak increase production capacity, expand service scope and customer base globally.
Expanding buying, selling, and merging activity with three U.S. technology companies in less than a year
Since 2014, Fiat Industrial has continued to engage in mergers and acquisitions with leading global technology companies. This strategy aims to complete the company’s service puzzle in the most modern technology fields, improve in-depth consulting capabilities, expand the customer base in multiple major fields, and thereby increase the company’s revenue in foreign markets. In 2023 alone, FPT continues to expand its operations in the United States. Prior to the acquisition of Cardinal Peak, FPT announced the acquisition of the entire technical services division of Intertec International. By October, FPT Industrial went on to become a major investor in Landing AI, a leading U.S. artificial intelligence and computer vision software company.
Mergers and acquisitions play an important role in Fiat Industrial’s global strategy and help achieve the goal of achieving US$1 billion in IT service revenue in foreign markets by the end of 2023 and becoming one of the top 50 global technology companies by 2030.
After the first nine months of 2023, FPT’s IT service revenue in foreign markets reached VND 17,626 billion, a year-on-year increase of 31%. The division’s pre-tax profit also increased by approximately 30% year-on-year to VND2,878 billion.
FPT Fiat Industrial Technology has also recorded many large orders from foreign markets, with newly signed revenue reaching 20.7 trillion VND, a year-on-year increase of 23%; among them, there are 20 projects with a scale of more than 5 million US dollars.