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Hanoi (VNA) – Offshore mergers and acquisitions (M&A) of Vietnam’s leading technology firm FPT helped the company achieve a milestone of 1 billion USD in sales in international markets in 2022.
FPT on February 23 announced its acquisition in the US of Intertec International IT Services division to further strengthen its presence in the Americas.
Following the success of the Intertec acquisition deal, FPT will further expand to three other countries in the region, including Costa Rica, Colombia and Mexico as they also have Intertec’s technology production centres. The move is a part of FPT Software’s global growth strategy for 2023.
Accordingly, with a network of 22 centres providing technology solutions globally, the fresh deal will help the two sides provide exceptional services to their customers everywhere around the clock, while optimising endless opportunities from English speaking countries.
On the other hand, the deal also helps FPT improve its ability to meet product quality and solutions in the field of flexible software or Agile Software for customers.
As an FPT company, Intertec will provide customers with global delivery options through FPT’s extensive network of 27,000 employees in 29 countries. Customers will also have an access to enhanced service offerings, including Data, Cloud, Digital platforms, RPA, AI, IoT, Business Applications, Application Services, Managed Services, and more.
“By combining forces, we can provide greater value to our customers and expand career opportunities for our employees,” said Intertec International’s CEO Richard Hedeby.
“Each M&A deal bears good fruit to FPT. We expect this acquisition to resonate greatly with FPT's goal of expanding business operations globally, especially in English-speaking markets,” said FPT’s Chairman Truong Gia Binh.
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Following the success of an initial investment in Intertec in 2021, this majority investment enables FPT and Intertec to provide its customers with a seamless experience by leveraging the strengths of both companies. Intertec Engineering, which is the company’s technical services division focused on aerospace and government, will remain an independent entity.
Currently, the US is one of FPT's two largest markets, contributing the highest profit among all markets, with a growth rate of 50% in 2022. FPT America’s sales have increased five times and then 10 times in profit from 2017 to 2022. The US branch continues to implement its expansion plan and aims to reach 1,000 employees in Latin America in the next two years.
Since 2014, FPT has conducted M&A with RWE IT Slovakia to expand its customer base of public utilities. This was the first M&A deal in Vietnam’s information technology field in foreign markets. In 2018, FPT acquired 90% of the shares of Intellinet, a company specialising in consulting on digital transformation roadmap with the highest growth rate in the US, as assessed by the Consulting Magazine in 2017.
Recently, FPT has continuously expanded its presence in many countries, in which merger and acquisition deals play an important role in its global strategy, aiming to reach sales of 1 billion USD by the end of 2023 and become one of the top 50 global technology companies by 2030
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Last year, FPT recorded a turnover of more than 44 trillion VND (1.8 billion USD) with nearly 7.7 trillion VND in pre-tax profit, up 23.4% and 20.8%, respectively, compared to those in 2021./.
