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FPT buys more technology companies in the US, about to reach 1 billion USD in foreign IT service revenue
Since 2014, FPT Joint Stock Company ( HOSE : FPT ) has continuously carried out mergers and acquisitions with technology businesses around the world. On November 6, FPT announced the purchase of Cardinal Peak - a 20-year-old technology service provider in the North American market.
FPT said this activity aims to improve competitiveness and service quality in the Americas region in particular and English-speaking markets in general, especially in new technology fields.
Cardinal Peak is introduced as an organization that provides comprehensive technology services, including hardware, embedded software, IoT, cloud computing and mobile product development for more than 300 companies in the automotive fields. , consumer electronics, health care, online content streaming, robotics, security - safety, defense - aerospace.
Through the above transaction, FPT expects Cardinal Peak to help the Company double its revenue from product technical 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.
After the deal, Cardinal Peak will still maintain its current brand and operating model, and cooperate with FPT to help Cardinal Peak improve its capacity as well as expand the scope of service provision and customer base worldwide. bridge.
Sharing at the announcement ceremony, FPT CEO - Nguyen Van Khoa believes that the deal will help the two sides create new classy products on a global scale.
Mr. Mark Carrington - CEO of Cardinal Peak expressed his joy at joining the "big family" of FPT and believes that with all resources and the support of FPT , Cardinal Peak can bring greater value to customers. customers, promoting innovation in the Company's areas of operation as well as expanding career opportunities for employees.
The Americas are 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, this Group has continuously carried out mergers and acquisitions with leading technology enterprises in the world.
FPT 's first M&A deal was the purchase of RWE IT Slovakia (a member company of Europe's leading energy group - RWE). In 2018, FPT bought 90% of the shares of Intellinet, a digital transformation consulting company in the US. By 2022, this Group will make a strategic investment in LTS, Inc. (Japan).
In 2023, FPT expands its presence in the US when acquiring the entire technology services segment of Intertec International. Last October, FPT announced it became a major investor in Landing AI - America's leading AI and computer vision 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 sales from IT services to foreign markets by the end of 2023.
After the first 9 months of 2023, FPT 's IT Services revenue for foreign markets reached VND 17,626 billion, an increase of 31% over the same period. Pre-tax profit in this segment also increased by about 30% to 2,878 billion VND.
FPT also recorded many large orders from foreign markets, with newly signed revenue reaching 20,700 billion VND, up 23% over the same period; including 20 projects with a scale of over 5 million USD .
*FPT reached peak profit in the third quarter, the technology sector contributed nearly 1 billion USD in 9-month revenue