FPT invests in third US company in 2023

By Dat Nguyen November 6, 2023 | 07:06 pm PT

Leaders of FPT and Cardinal Peak pose for photo in the investment signing ceremony in Hanoi on Nov. 6, 2023. Photo courtesy of FPT

Technology giant FPT has acquired U.S. engineering services company Cardinal Peak, its third acquisition in that market this year.

FPT expects the investment to double its revenues from product engineering services – which include hardware and software development – in the Americas in the next two years.

The Colorado state-based Cardinal Peak has 100 engineers in the U.S.

Earlier this year FPT had acquired the IT services division of tech firm Intertec International and stakes in Landing AI, a leading computer vision and AI software company, in the U.S.

It has committed to investing US$100 million in the Americas this year.

The Americas are among FPT's largest overseas markets, and it has 14 offices across the U.S., Canada and Latin America - including nearshore facilities in Colombia, Costa Rica and Mexico - and employees in 28 U.S. states and provinces.

Since 2014 FPT has been acquiring technology companies in several countries including Slovakia, the U.S., and Japan, to strengthen its consulting capabilities, expand its customer base and increase overseas revenues.

Mergers and acquisitions play an important role in FPT's global strategy and contribute to achieving the goal of achieving $1 billion in sales from information technology services to foreign markets.

In the first nine months of the year, revenue from this segment brought FPT more than VND17.6 trillion ($724.43 million), an increase of 31% year-on-year. Pre-tax profit reached VND2.88 trillion, up 30.2%.